Historical Las Vegas Housing Prices in 1997
Historical Las Vegas housing prices in 1997 make it clear that the city used to be much more affordable than it currently is.
According to data from Las Vegas Realtors cited by the Las Vegas Review-Journal, the median price of a single-family home in Las Vegas was $124,800 in 1997.
Of course, you need to adjust for inflation when you’re looking at historical Las Vegas housing prices. Taking inflation into account, the average price would be $246,729 in today’s currency.
The actual median price of a home in Las Vegas was $480,000 as of July 2024. That marks a 6.7% increase from $450,000 year-over-year.
However, Las Vegas housing prices aren’t currently at their peak. The all-time record for local home prices reached a record high in May 2022 with a median price of $482,000.
All of this is to say, as the Review-Journal points out, that the median price of a single-family home in the Las Vegas Valley has more than tripled since the year 2000. Las Vegas now ranks as the sixth most active market for development in the past half century.
Despite the increase in home prices, Las Vegas is still an affordable place to live compared to nearby metropolitan areas like Los Angeles and San Diego. That’s probably why Californians keep moving to Las Vegas in droves.
If you’re planning your own relocation to Las Vegas because of its housing prices, check out the VegasNews guide to the best moving companies in Las Vegas.
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