Who hasn’t thought about making a move to Las Vegas at one time or another? During the real estate boom, many people were bitten by the Vegas opportunity bug. Fortunately for buyers, it’s still a great time to revisit your dreams of a Las Vegas home or getaway residence. Why? Because the average cost of Las Vegas homes has dropped dramatically over the past twelve months. A snapshot statistic reveals that the current median on homes for sale in Las Vegas is $174,999 – that’s a 5.4% decline in the past month!

And prices aren’t the only thing to drop. According to the Las Vegas Sun, the number of existing homes on the market fell this summer to its lowest level in more than three years (12,653, or a 3.4 month supply).  However, their statistical source reveals that a subsequent jump in foreclosures is likely to help the declining inventory rebound quickly. When it does, this will only increase the exciting options for Vegas-bound buyers. 
Interested in Las Vegas foreclosures? According to SalesTraq, foreclosed properties accounted for 62 percent of the sales in June. As of August 10, 2009, their report disclosed that the median price on Las Vegas foreclosures was $113,900. No matter what type of property piques your interest, the Vegas housing market is a hot ticket!