Attached homes are all the rage in Las Vegas for one reason: money. It's likely that that trend will continue indefinitely.
What is an attached home?
Attached homes are condos and townhouses. Typically, the home is attached to one or more neighbors in a community setting that allows for shared maintenance expenses. There is obviously no land being purchased, but there is access to a common area that all residents and take advantage of.
What is the price difference in Las Vegas?
The price difference between a single family home and an attached home in Las Vegas was over $120,000 in April 2019, according to Home Builders Research.
This has caused a slowing of sales on single-family homes. Sales were down 4.3 percent of April 2018 for this type of housing.
Meanwhile, attached home sales rose 56 percent in the same time! At an average price of just $280,000 versus the $401,491 that single-family homes average, attached homes are much more reasonable and even below the national average home price of $300,000.
North Las Vegas, which is usually less expensive than other parts of the Valley, saw the largest surge in attached homes sales. The city had 19 percent of the signed contracts, versus 13 percent the same time last year.
Pre-owned homes have seen a huge drop with an 11 percent drop in the first four months of 2019 versus the same time last year. Only 9,280 previously owned single-family homes were sold during that period this year.
Builders are selling fewer homes in the region this year versus the same time last year.
What does it all mean?
For those who are bargain shopping, but want to own a home, an attached home in the Las Vegas area, particularly North Las Vegas is an excellent place to look.