Buying a home or a condo is one of the biggest decisions you’ll make when entering the Las Vegas real estate market. Each has its pros, but the right choice depends on your lifestyle, budget, and long-term goals.
Single-family homes are the most popular type of housing in the US. 79% of all homes purchased in 2023 were single-family homes according to Statista. However, condos are gaining popularity in urban areas like Las Vegas, with low maintenance and luxury amenities.
Below we’ll go over the pros and cons of each, what to consider, and how to make the best decision for you.
Overview of the Las Vegas Real Estate Market
Home for Sale in Vegas
The Las Vegas real estate market is one of the most active in the country, with buyers drawn to its affordability, variety, and investment potential.
Vegas is known for its entertainment and year-round sunshine, it’s a lifestyle that appeals to everyone from young professionals to retirees.
As of 2023, the median price for single-family homes in Las Vegas is around $425,796. Condos and townhomes are more affordable, around $275,000. Single-family homes make up the majority of the market but condos are getting more popular for their lower price point and amenities.
The housing market is growing too. Suburban areas like Summerlin and Henderson are exploding with new construction and urban areas near the strip are attracting buyers looking for walkable communities.
Whether you want a big house or a sleek condo, Vegas has got you covered.
Pros and Cons of Buying a Home in Las Vegas
Pros
Affordable Prices Compared to Other Major Cities:
Las Vegas home prices have gone up in recent years but are still way cheaper than other big cities like LA or SF. So you get more bang for your buck.
Access to Outdoor Living Spaces:
Las Vegas homes have private pools, big patios, and big backyards coupled with year-round sunshine.
Growing Suburban Communities:
Summerlin and Henderson have planned neighborhoods with family-friendly amenities like parks, schools, and shopping centers.
Tax Advantages:
No state income tax and low property taxes make homeownership in Las Vegas very attractive.
Proximity to Entertainment and Recreation:
Las Vegas homes are located near world-class entertainment, dining, and outdoor recreation like Red Rock Canyon and Lake Mead.
Cons
High Energy Costs:
Las Vegas summers are extremely hot, and air conditioning costs can significantly increase utility bills for homeowners.
Water Restrictions:
The city has water issues so landscaping options may be limited or restricted for homeowners.
Limited Green Spaces in Some Areas:
Newer communities have parks and greenery but many older neighborhoods in Las Vegas have no green space so some areas feel very urban.
Market Fluctuations:
Las Vegas has a history of wild real estate market swings. Buyers should not buy at peak prices in a city that’s so touristy and economically driven.
Commuting Challenges in Suburban Areas:
Suburban areas like Henderson and Summerlin are popular but commuting to the Strip or downtown during rush hour is a real pain.
Pros and Cons of Buying a Condo in Las Vegas
Las Vegas Condos
Pros
Lower Price Point:
Condos in Las Vegas are generally more affordable than single-family homes, with a median price of around $275,000. This makes them a great option for first-time buyers or those on a tighter budget.
Prime Urban Locations:
Many condos are located near or on the Las Vegas Strip, offering easy access to world-class entertainment, restaurants, and nightlife. This is perfect for buyers who value an active, urban lifestyle.
Access to Luxury Amenities:
Las Vegas condos often include shared amenities like pools, fitness centers, spas, and concierge services, giving residents a resort-style living experience without additional maintenance costs.
Low-Maintenance Living:
Condo ownership means less personal responsibility for upkeep. Maintenance, landscaping, and repairs for shared spaces are handled by the homeowners association (HOA).
Investment Potential in a Tourism-Driven Market:
Condos near the Strip or other tourist hotspots can serve as lucrative short-term or vacation rentals, especially for buyers interested in real estate investment.
Cons
High HOA Fees:
The luxury amenities and shared maintenance come with a price. Monthly HOA fees can be high and can increase over time adding to your long-term costs.
Do You Know: The average HOA fee in the Las Vegas-Henderson-Paradise area is $182.
Limited Privacy:
Condos share walls with neighbors, which may result in less privacy compared to standalone homes. Noise can also be a concern in busy complexes.
Restrictions on Short-Term Rentals:
Las Vegas has strict regulations on short-term rentals in many condo developments, limiting the potential for Airbnb or similar platforms in some areas.
Resale Challenges in Oversaturated Markets:
The Las Vegas condo market can be oversupplied especially in urban areas. This can make selling a condo more difficult or limit price appreciation compared to single-family homes.
Smaller Living Space:
Condos have less square footage and no private outdoor space so not ideal for families or those who need room to grow.
Factors to Consider When Choosing
Budget and Affordability
Knowing your financial situation is key when choosing between a home and a condo. Condos are usually cheaper upfront but have big ongoing expenses in the form of HOA fees. Single-family homes are more expensive upfront but have fewer mandatory monthly fees.
WINNER: Condos for lower upfront costs; Homes for fewer ongoing fees.
Home Loan and Mortgage Type
Your choice may impact the type of mortgage you can get. Lenders have different requirements for homes versus condos. For condos you may need a bigger down payment and the property must meet certain criteria to be eligible, like a financially stable HOA. Single-family homes have fewer restrictions and may have more competitive loan terms.
WINNER: Homes for easier and more flexible financing options.
Maintenance and Upkeep
A home gives you full responsibility for maintenance, repairs, and landscaping which can be time-consuming and expensive. Condos offer low-maintenance living as exterior upkeep and shared spaces are managed by the HOA. If you don’t want to do manual labor or hire contractors a condo might be the better choice.
WINNER: Condos for convenience and reduced personal responsibility.
Independence and Control
Owning a single-family home offers greater independence and control. You can make changes to your property—whether it’s painting, remodeling, or landscaping—without restrictions. Condo living, however, often comes with strict HOA rules that limit your ability to personalize or modify your unit. Consider how much freedom you want over your living space before deciding.
WINNER: Homes for greater independence and personalization options.
Space and Privacy
Single-family homes usually have more square footage, private outdoor space, and space between neighbors. Condos feel more compact and lack privacy as you’ll likely share walls, hallways, and common areas with others.
WINNER: Homes for space and privacy.
Location and Lifestyle
If you want to live near the Las Vegas Strip or in urban neighborhoods, condos are often the better option, as they are typically built in high-demand areas. Homes are more common in suburban locations like Henderson or Summerlin, which offer a quieter, family-oriented lifestyle.
WINNER: Condos for urban living; Homes for suburban family life.
Long-Term Investment Potential
While both options can be good investments, homes often appreciate more steadily due to their land value. Condos, especially in oversaturated markets like Las Vegas, may not see the same level of appreciation. Additionally, resale for condos can sometimes be slower due to competition.
WINNER: Homes for long-term appreciation and investment stability.
Community and Amenities
Condos often come with built-in amenities such as pools, gyms, and security, fostering a sense of community. Single-family homes may lack these shared features unless they’re in a planned development or gated community.
WINNER: Condos for built-in amenities and convenience.
Popular Areas for Homes and Condos in Las Vegas
Popular Areas for Homes
Summerlin
Henderson
Centennial Hills
Aliante
The Lakes
Popular Areas for Condos
The Las Vegas Strip
Downtown Las Vegas (Fremont East)
Summerlin (One Queensridge Place)
Southwest Las Vegas
Ending Note
Choosing between a home and a condo in Las Vegas is a significant decision that depends on your lifestyle, budget, and long-term goals. Whether you’re drawn to the space and independence of a single-family home or the convenience and amenities of a condo, the Las Vegas market offers something for everyone.
At Stratton Ives Real Estate Group with Keller Williams Las Vegas, we understand that buying a property is more than just a transaction—it’s a milestone. Our experienced team is here to guide you every step of the way, helping you navigate the vibrant Las Vegas real estate market and find the property that feels like home.
Ready to take the next step? Contact Stratton Ives Real Estate Group today to schedule a consultation. Let’s turn your Las Vegas property dreams into reality!
