Building Costs Per Square Foot in the City of Las Vegas (NV), USA

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Residential Construction Market Analysis in the City of Las Vegas (NV), USA

Newly Built House in Las Vegas 12148 Harris Summit Avenue NV89138 – 6 Bedrooms and 6 Baths with 3 Attached Garages on Gross Floor Area 4,723 sqft – Built in 2022 – Price $1,999,950.

Newly Built House in Las Vegas 12148 Harris Summit Avenue NV89138 – 6 Bedrooms and 6 Baths with 3 Attached Garages on Gross Floor Area 4,723 sqft – Built in 2022 – Price $1,999,950.

Building costs are 3% above the national average in the City of Las Vegas in Nevada. No matter what part of the world you’re from, chances are you’ve heard of Las Vegas at least once. It is that city known for its lack of control, and even for being considered one of the cities of sin. Anyway, this is a description of the blocks of downtown Las Vegas, the more you go to the outskirts of the city the more residential neighborhoods you will find.

If you are interested in investing or buying a property in the Las Vegas real estate market, then you should continue reading this article. From the current market values to the changes projected in the future, as well as the construction outlook of the city, here you will find all the necessary information.

Always before making any decision, it is necessary to be informed, but this is even more important with the changes that the real estate market has had in recent times. So sit back and keep reading to learn more.

Las Vegas (NV) Construction Outlook

Las Vegas is fabulous and there is no doubt about that. Everyone knows its famous sign with lights that welcomes the city full of casinos and tourist centers with all kinds of attractions. However, the construction outlook of the city is much more varied than that.

Of course, its center is full of skyscrapers. From imposing hotel buildings to others that are residential buildings, in Las Vegas you can find everything.

As soon as you walk away from the downtown blocks you will find the same houses that you would see in any other town in the United States. They are modest houses, with 3 rooms, and a garden. The residential neighborhoods of Las Vegas are very picturesque and ideal for raising a family.

The constructions are usually made with some good insulating material, since being a city located in a desert the climate varies widely, from very cold temperatures to extreme heat depending on the time of the year.

Las Vegas (NV) Housing Market Analysis and Forecast

The Las Vegas real estate market is always on the move. No matter what time of year it is, or what day, there are always new houses listed, more houses sold, and prices fluctuate constantly as well. Unlike other cities where in the winter months there is a drop in values ​​or movements in the real estate market, in the case of Las Vegas it is more difficult to predict it.

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The main factor influencing values ​​is supply and demand, and during this year it was quite stable. For this reason, in 2022 there was only an increase of 10% in the values, while in 2021 the increase had been close to 15%.

Houses take about 40 days to sell, which is also pretty slow compared to last year’s average of 30 days. However, the properties are selling either at their list price or 5% more, which is great information for people who want to invest or sell their properties in Las Vegas.

Las Vegas also has a huge market for luxury homes, which grew by 15% in 2022, and parts of East Las Vegas saw a 25% increase in property values, so you can say it’s quite a prosperous market.

Values ​​are not expected to change much over the winter, but by October 2023 they are expected to increase by at least 7% compared to this year’s property values.

Las Vegas (NV) Average House Price (Median Home Price)

The median home price in Las Vegas in October 2022 is $405,000. After a peak in June where it hit $433,000, it then hit a low point in August with values ​​of $400,000 and is back up again this month.

In any case, do not forget that the median home price is an average of the value of all residential properties for sale, so the exact values ​​may vary according to different characteristics. For example, if the house is old or in poor condition, or if it is located in a part of the city that is not so good, among other factors.

In addition, it can also vary depending on the type of property it is. The value of the single-family home is $435,000, after having reached an all-time high of $475,000 in June of this year. In the case of townhouses, the average value is $315,000, which is 10% more than during the same period last year. Condos/co-ops were also up 10% from last year, reaching a value of $230,000.

The best value for money properties in Las Vegas can be found in West Las Vegas. In East Las Vegas they are usually more expensive and there are some luxury neighborhoods. On the other hand, North Las Vegas also has a fairly stable price but values ​​are expected to increase further during 2023.

Proposed Residential Building Projects in Las Vegas (NV)

Casinos are not the only sources of money that Las Vegas has, its residential projects can also be a real pot of gold, so there are many and very varied. Most real estate construction projects are related to a mix between residential homes and others suitable for a rental by tourists.

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There are not many hotel buildings under development, but there are some buildings under construction that will have apartments suitable for purchase and others that will be suitable for rent either temporarily or by Airbnb.

In East Las Vegas there are some luxury homes in the pipeline to be built in the next 3 years. Of course, these are also varied. Some are actual mansions of celebrities who regularly host shows or play poker professionally in Las Vegas. Other houses are luxurious but do not reach the size of mansions.

On the outskirts of downtown Las Vegas, there are some condominium projects under construction. Currently, there are not many townhouse projects, since there is usually not much demand for that type of property in Las Vegas.

Newly Built House in Paradise 5533 Stormy Night Ct NV89120 – 4 Bedrooms and 4 Baths with 2 Attached Garages on Gross Floor Area 3,171 sqft – Built in 2020 – Price $595,000

Newly Built House in Paradise 5533 Stormy Night Ct, Nevada, NV89120 – 4 Bedrooms and 4 Baths with 2 Attached Garages on Gross Floor Area 3,171 sqft – Built in 2020 – Price $595,000

Building Costs Per Square Foot for Single Family Homes in the City of Las Vegas (NV), USA

Building costs are 3% above the national average in the City of Las Vegas in Nevada.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Las Vegas City ranges from $355.24 per sqft to $544.56 per sqft, with the average being $419.23 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in Las Vegas City ranges from $215.90 per sqft to $330.94 per sqft, with the average being $254.78 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in Las Vegas City ranges from $139.57 per sqft to $211.98 per sqft, with the average being $163.40 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

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Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Las Vegas City ranges from $101.86 per sqft to $156.20 per sqft, with the average being $120.21 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in Las Vegas City ranges from $82.68 per sqft to $126.62 per sqft, with the average being $97.49 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in Las Vegas City ranges from $65.21 per sqft to $99.95 per sqft, with the average being $76.92 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

 


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