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Median home prices in southern Nevada rise to $300K

LAS VEGAS - Las Vegas valley residents who want to purchase a new home are being encouraged to start saving because a new report shows the median home price in southern Nevada is the highest it has been in more than a decade.

"Real estate is in cycles, so it went down; it was going to come back up," said Nora Aguirre, United Realty Group.

The Greater Las Vegas Association of Realtors reports that median home price in southern Nevada is at $300,000.  That's the highest it's been since June of 2007.

"For $300,000 now, you get a single-family residence, three bedrooms, maybe four bedrooms,"  Aguirre said.

According to Aguirre,  the median price homes are between 1,500 and 2,000 square feet.

8 News NOW explored a map that shows the variety of options in the  Las Vegas valley area in the $300,000 price range and one that is going for $315,000 has three bedrooms and a decent lot space, but those details can change based on its location.

"So if you're willing to live in the outskirts in certain areas of town, you might get a lot more home, and a lot more lot for 300,000," Aguirre said.

With the median home price here in Las Vegas at its highest point in more than 10 years, many people are now wondering if they should rent instead of buying a home. However, experts say the money you'd save renting isn't as much as you think it is.

"If you're going to be renting a house that's priced right around $300,000, you will probably be saving a couple hundred dollars,"  said Aguirre.

According to  Aguirre, that's because the demand for rentals is very high right now.
   
The new median home prices are giving many homeowners or potential homeowners sticker shock.

"It would be too much. I was thinking to buy another house, but the way I see it right now, got to wait a little bit," said Valente Garcia, a homeowner.

According to Aguirre, in order to afford a $300,000 home, potential buyers should be making around $50,000 or $60,000 a year.

"It's a lot more than what we were used to," Aguirre said. "Is there still a market for these prices? Yes, there is."

United Realty Group says you can get the most bang for your buck in the northwest part of the valley.

Whereas in locations like Green Valley and Summerlin, potential homebuyers will be looking at smaller properties in the same price range.


 


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