First-time homebuyers guide: The dream of owning a home in Las Vegas is possible

Buying a townhouse in 2022 was one of the most frustrating, financially confusing and emotional things I’ve ever done. I still half-joke that it was a traumatic experience, and three years later, I’m not sure it wasn’t. But here’s the way I made it through: I had help. My mom had years of experience under her belt as a real estate agent and a vice president at a homebuilding company. Without her, I would have thought closing on a property was nearly impossible. 

Unsurprisingly, I’m not alone. Many first-time homebuyers don’t realize there’s a full support system available—agents, lenders and local programs designed to help you figure it all out and get you in the best mental and financial shape to become a homeowner. 

“In a lot of [housing] markets June is the busiest month of the year, and here it’s actually the slowest,” says local real estate agent Mike Kruse. “Because of the heat the first couple weeks [of summer] it’s 100 degrees and people don’t go looking at houses. So, if you’re looking to get a better deal, June is the perfect time to buy a home.”

In other words, fewer people are shopping because of the unbearable weather. But if you can stand the heat, that means more inventory, more breathing room, and more chances to score. 

Financial Foundation

Before you start scrolling through Zillow listings at 2 a.m. or pinning dream bathrooms on Pinterest, pause. Buying a house, townhouse or condo starts with your credit score and whether you’re actually mortgage-ready. 

”Each [mortgage loan] product might have a different credit score requirement. People aim to have the highest credit score possible, that’s typically going to lead to, in some cases, a better term program,” says Daniel Lorenger, senior vice president and regional retail mortgage manager for Nevada State Bank. “But I would say in that 620-plus credit score range, there’s usually a good mix of products available.”

Then there’s the big, looming myth: the down payment. Programs like Federal Housing Administration loans require as little as 3.5% down, and some loans offered by private lenders may offer even lower down payment options. 

“The biggest misconception with first-time homebuyers is that they have to have a large down payment. And that’s not the case,” says Kruse. “The general rule is you need 3.5% down, but in certain circumstances, you can do even less.”

Lorenger backs that up. “We also have a Nevada State Bank product, called an affordable mortgage loan, which will allow for 3% down and also has lender-paid mortgage insurance.”

Of course, down payments aren’t the only costs you need to be aware of. There are the not-so-fun fees that go into closing on your property: appraisal, escrow, title, origination. 

“Talk to a real estate agent that’s willing to help you,” Kruse advises. “There’s always some ways to make things more affordable—whether it be negotiating closing costs or ... interest rate buydowns to make the monthly payments cheaper.”

And a word to the wise before you tour a single dwelling: get pre-approved. Having that loan approval from your lender allows you too keep your expectations in check and avoid the disappointment of looking at homes that are outside your price range.

House Hunting

This is where things get exciting, and where first-time buyers can easily become overwhelmed. 

“Truthfully, with interest rates going up, it has gotten a little bit tougher as far as getting a great deal,” says Kruse. “However, inventory is up, so there’s more selection.” 

That growing inventory is a mix of new builds and resale homes, giving buyers more options across price points. 

“When it comes to the price ranges in the current market, in Henderson, you’re looking at $350,000 to $450,000. In North Las Vegas, you can get in for under $400,000. And in central areas like the Huntridge District, you can find a decent home for $350,000 to $375,000.”

Looking for a new build without the high HOA bill? He recommends Cadence in Henderson. “You can get into a master-planned community without high fees,” Kruse says.

Townhouses, meanwhile, are quickly becoming the starter home of choice. “If you’re willing to do a townhouse in the mid $300s, that’s really a good deal,” he says. “Townhouses have become entry-level housing here in Las Vegas.”

Most importantly, be smart. If a listing feels too good to be true, it probably is. “Get a home inspection,” Kruse emphasizes. “Always.”

And if the first deal doesn’t land? “Sometimes it takes a while to find the right home. If you find a home that you think is great but you’re not able to negotiate the right deal, don’t get disappointed. It just means there’s another home out there waiting for you.”

Here to help

More help is available to first-time buyers in Nevada than most people realize. From down payment assistance to financial literacy programs, the support system is real and ready.

Lorenger points to nonprofits like Nevada Partners, Neighborhood Housing Services of Southern Nevada and Chicanos por la Causa. “Those types of organizations do homebuyer education classes. Typically, we provide the links to do it online if they prefer or refer them over to one of the nonprofits to sign up for an in-person class,” he says. 

These classes cover everything from property taxes and homeowners’ insurance premiums to refinancing and more—details often overlooked by first-timers. 

Additionally, they can uncover some first-time homebuyer financial assistance programs that could help ease the cost of closing. The Nevada Housing Division (NHD), a resource created by the state to aid low- and moderate-income buyers purchase a home, has various programs that may work for your situation. 

These resources aren’t just helpful; education is often the difference between a delayed dream and a signed mortgage.

Your ceiling and floor

Years after closing on my home, here’s what I wish someone had told me—homeownership in Las Vegas is within reach for more people than we realize. The resources are here, professionals are ready to help and the market timing might actually be in your favor (see sidebar on page 23).

But Lorenger’s warning is worth heeding: “Everybody has a certain amount of things that they want to do in their lives, outside of just owning that home, right? Whether it’s going out for dinners or entertainment or whatever. Having a detailed conversation about their budget and what they realistically want to spend on a house, versus trying to qualify for the most house that they can get can sometimes leave someone house poor.”

Don’t let the mortgage pre-approval become a ceiling; let your actual lifestyle needs set that ceiling. Yes, you might qualify for a $400,000 home, but if a $320,000 townhouse leaves room for the life you want to live, that’s your sweet spot.

As for timing the market, forget the crystal ball approach. Interest rates will do what they do, but if you find a home that fits your budget and you’re financially solid, waiting for perfect conditions might mean missing your perfect house.

The learning curve is steep, sure. But remember: every current homeowner started exactly where you are now, armed with nothing but questions and determination. Your starter home is out there, and in the city’s unique market, this just might be your moment to find it.

Making moves in the current housing market

To get an idea of just how volatile the housing market has been since the pandemic, look at what happened in 2021 and 2023. According to Las Vegas Realtors, 2021 was a record year for existing home sales with more than 50,000 homes sold. Just two years later, the organization saw the lowest sales since the Great Recession of 2008. 

Now in 2025, after the first three months showed record-high prices for single-family homes, LVR is saying home and condo prices are stabilizing. At the same time, an increase in the number of units for sale and slowdown of sales pace are good signs for buyers. 

“We haven’t switched over to a complete buyer’s market yet. [But] sellers are willing to negotiate. They are out there. They want to sell as well,” says LVR Vice President Stephanie Grant. 

According to data from LVR’s Multiple Listing Service, home prices were at a record high of $485,000 for the first three months of 2025, and have since come down to $480,000 in April and May. The median price for condos sold in May was $307,000, which is down from October 2024’s record high of $315,000. 

This is more of an indication of a market that is “leveling out” than it is a sign of an ongoing downward trend in prices. 

“We don’t see prices coming down any time soon, unfortunately. Interest rates will definitely help make payments a little more manageable,” Grant says. 

As of press time, the Federal Reserve was expected to leave the interest rate at its current 4.25%-4.5% range at its June 17-18 meeting. 

It’s intuitive to wait until interest rates come down to buy. But in Grant’s 24 years of experience in real estate, she has seen this lead to buyers rushing the market. 

“It’s great to have a lower interest rate. But when the interest rates come down, the buyers come out. So you’re going to have competition ... where you’re going to have multiple offers and buyers bidding out other buyers,” she says. 

“If they’re able to get in now, sit in the property for maybe a year or two and refinance when the rates come down, at least they’re already in the house rather than trying to fight two, three, four other buyers to get in.” 

Grant encourages home seekers to act now, invest in homeownership and work toward their goals.

“If you want to get into a home, it’s out there and it’s available. Get with a lender, get with a realtor, they can guide you and help you to get into that home. It’s possible,” she says. –Shannon Miller

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