October 2022 Update: What $600K Will Get You in North Las Vegas vs. Paradise

There have been significant shifts in the Las Vegas real estate market since our last update in June. Find out what’s selling this October for around $600K in North Las Vegas vs. Paradise.

Since June, Las Vegas’ hot seller’s market has cooled significantly. The median home price peaked at $440,000 in June and has since fallen to $405,000. The percentage of homes selling over the asking price peaked in May at around 59%, compared to just 14% last month. About half of homes are also seeing price cuts as they sit on the market longer—34 days compared to 19 in June.

Why is this happening and what does it mean? Some have feared a disastrous market crash, but in reality, this cooling is the result of higher interest rates and inflation combined with a natural market correction. The ultra-high prices and extreme competition of the pandemic real estate market weren’t sustainable, and what we’re seeing is a bounce back from that.

What does it mean for you? Lower prices, less competition, and more favorable terms. If you can afford a higher interest rate, now is a great time to buy.

For single-family homes around $600,000, you’re looking at fully updated houses on lots around 6,000 square feet with four bedrooms and three bathrooms—but with prices coming down, we’re seeing more five-bedroom homes in this price range. Compared to June, we’re also seeing a change from hit-or-miss landscaping at this price point to more homes with well-designed outdoor spaces and mature plants. In-ground swimming pools are also popular.

Since Paradise is one of the most urban areas of the Las Vegas Valley, condos are also readily available. Condos at the $600,000 price point typically are one to two-bedroom, 1,200 square feet, and situated inside luxury highrise buildings. Most come with premium, luxury features like valet parking, resort-style pools, spas and salons, private terraces, Strip views, security, concierge, and more.

Living in Paradise will give you a true city feel. The neighborhoods are more walkable than other parts of the Las Vegas Valley, and there are more public transportation options. You’ll also find plenty of shopping options in Paradise, from luxury shopping malls to massive complexes of outlet stores.

Paradise is the heart of Las Vegas action. Here you’ll find streets lined with restaurants, bars, nightclubs, theaters, and concert halls. Las Vegas’ famous casino hotels are located in Paradise, and each one features world-class entertainment and dining options. One thing is certain about living here; you’ll never get bored.

4 bedrooms, 3 bathrooms, 3,433 square feet
Listed by Joe Paul May • eXp Realty, 702-727-1050
GLVAR #2430781

2 bedrooms, 2 bathrooms, 1,111 square feet
Listed by Robyn Gajjar • Corcoran Global Living, 702-432-4600
GLVAR #2433460

5 bedrooms, 3 bathrooms, 2,706 square feet
Listed by Tania Juarez • eXp Realty, 702-727-1050
GLVAR #2441159

3 bedrooms, 2 bathrooms, 1,720 square feet
Listed by Jason Aguirre • Huntington & Ellis, A Real Est, 702-583-3030
GLVAR #2432826

5 bedrooms, 4 bathrooms, 3,004 square feet
Listed by Kaysha Rice • Opendoor Brokerage LLC
GLVAR #2438266

$600,000 goes farther in North Las Vegas than in other parts of the Las Vegas Valley. For single-family homes at this price point, you can expect five bedrooms and three bathrooms on lots around 7,000 square feet—though six-bedrooms homes are starting to appear at this price point. Gated communities and new construction properties are common here, and fully developed, drought-efficient landscaping is the norm.

Most homes at this price point have two-car garages, and many have swimming pools. Light, bright, and spacious are list-topping adjectives, and you can expect stylish finishes from floor to ceiling. Modern desert architecture including terracotta tile roofing and covered patios finish out the list of common features.

North Las Vegas offers classic suburban living, featuring expansive residential neighborhoods, ample parks and green space, and easy access to nearby outdoor recreation areas. You’ll need a car to live here, as all that space doesn’t lend itself to walkability. However, any house you buy will come prepared, as most in the area include spacious garages.

Though North Las Vegas is technically the burbs, it still packs a Las Vegas punch with fantastic restaurants, live music venues, and casinos. While the nightlife is quieter than the scene in Paradise, you’ll still find plenty to do, and you’ll have easier access to outdoor adventure spots like Lake Mead.

5 bedrooms, 3 bathrooms, 2,950 square feet
Listed by Beth Heilman • iConnect Realty LLC, 702-351-4672
GLVAR #2410954

6 bedrooms, 3 bathrooms, 3,790 square feet
Listed by Segundo Velazco • Premier Real Estate, 702-656-8600
GLVAR #2400777

5 bedrooms, 2.5 bathrooms, 3,790 square feet
Listed by Randy Milmeister • Keller Williams Market Place
GLVAR #2440903

4 bedrooms, 3.5 bathrooms, 3,302 square feet
Listed by Preston Wuthrich • Vice Realty, 702-825-4663
GLVAR #2429787

4 bedrooms, 2.5 bathrooms, 2,525 square feet
Listed by Dennis Hebert • eXp Realty, 702-727-1050
GLVAR #2436212

Our real estate agents are standing by to help you find your dream home. Whether you decided on Paradise, North Las Vegas, or you have another Las Vegas neighborhood in mind, we’re game. Las Vegas born and raised, the Joe Taylor Group knows the ins and outs of every corner of the city, and we’re ready to help you explore. Reach out!

PS - not sure what neighborhood is right for you? Send us a DM and we’ll help you decide.

All listings provided courtesy of GLVAR.