By the time you walk into the Hayden Field Hotel in Los Angeles, you might be thinking about building a vacation home in the Mojave Desert.
If you’re like most Americans, you don’t think about the desert when it comes to buying a home.
But a new report by real estate consultancy Realize.com indicates that it might be time to get serious about the city of Las Vegas.
A recent report from the firm found that a house is worth more in Vegas if you live there.
“We looked at the top 50 U.S. metro areas, and in the Las Vegas metropolitan area, a home is worth $3,900,000 if you’re in Las Vegas,” said Tom Merton, director of real estate analysis at Realize Consulting.
“That’s a huge amount of money for a typical house.
And the median house price in Las Vegas is $3.5 million.”
Merton said a typical home is in the neighborhood of $3 million to $4 million, and a new one could be worth up to $6 million, but even the average home in Las vegas could sell for up to six figures.
The median home price in the area is $9.7 million, according to real estate site Zillow.
The median house sale price in Southern California is $8.8 million, while the median sale price for a new home in Los Santos is $6.7 to $8 million.
The highest-priced house in Las Angeles is valued at $864,000, according the Zillows website.
“It’s like, wow, the real estate is out of control, that’s why the house prices are going up, right?,” Merton said.
The report by Realize was based on an analysis of 5,000 real estate listings in the Los Angeles metro area.
Merton says the average price in Vegas is $5.7-million, while it is $2.6-million in Las Vegas.
But if you buy a house there for $5 million, you’re likely to end up with a more expensive house than a typical buyer in Los Angles, Merton explained.
“A typical $3-million house will sell for $7.2 million in Las Venegas,” he said.
Merton added that Las Vegas has one of the most expensive real estate markets in the country.
He said the median home sale price there is $12.9 million.
The average median price in Los Gatos is $13.8-million.
And if you add up all the price increases for homes in the metro area, it comes out to about $17.6 million for a house, Mertons office said.
The average house price on the market in Las Vega is $4.3 million, with a median sale of $7-plus million.
But there are some cities that are more affordable, and Realize says you can get an affordable home in these places.
“Los Angeles is not the most affordable city in the U.K.,” Merton noted.
“But the median price is not that high, at $4-million.”
Mertons research also shows that Las Veges median price for houses is less than a million dollars, and that it is in fact more affordable in Las Gatos than Los Angeles.
And there are other cities in the region that are cheaper.
The top 10 cities in terms of average home prices in Los Banos are:$2.5-million $3m $4m$4.1-million$3.6m$3-4.7m$5.6-$7.5m$7.6M$7M$8M$9M$10MThe top 10 city in terms for median home prices is:$4-4 million$5-6 million$6.3-7.1 million$7-8.4 million