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News of Clark County: Multi-Gen Market Report

Friday, March 17, 2017

The demand for multigenerational homes continues to grow each year. Ten years ago, we bought a townhouse right next to my elderly parents so we could help them out, but still have our own personal space.  When they started having trouble navigating the stairs, we found a daylight basement home with single level living on the first floor and separate living quarters below.  We never thought we would be part of a major trend, but this lifestyle has become mainstream and is growing.

In addition to the economic benefits of shared expenses, there are social and familial benefits of deepened relationships and enriched lives. Adult children have the peace of mind of taking care of their aging parents by not putting them into a facility. Grandchildren have the bonus of quality time with their grandparents on a regular basis.

We think it’s no coincidence that our specialty – view homes with “elbow room for the soul” works well for multigen homes, too.  We know how to evaluate homes on larger lots with the potential for additional living quarters. Whether separate living quarters, or shared space, we understand and live the lifestyle, so we know how to find the right multigen home.

It also helps to know what the market looks like when you start shopping for a multigen home.  Here is a snapshot of ViewHomes™ of Clark County with dual-living features, starting at $400,000:

48 Active Listings – $419,900 to $4,500,000
Average SQFT – 4,810

Average $/SQFT – $195

2 Bumpable Buyers – $798,000 to $2,250,000
Average SQFT- 5,168

Average $/SQFT – $295

20 Pending – $435,000 to $3,290,000
Average SQFT– 4,324
Average $/SQFT – $212

22 Sold in last 3 Mos – $403,000 to $1,250,000
Average SQFT – 3,925
Average $/SQFT – $178

Median Days on Market was 2 Months – multigen homes do not last long in this market!

If you are looking for a home for Multi-Gen living, you can start your search here. Or if you have a home that has Multigen features and you want to sell, call us – we are specialists in this field, and we have buyers ready to move!