The Las Vegas Valley has always been known to have some of the smallest lot sizes in the country. That may be beginning to change.
With land prices down significantly from what they used to be, we will no longer be seeing a large amount of those 3 story homes stacked side by side. In fact, they could be permanently on their way out.
During our housing boom, many homes were built on just 3,500 square foot lots. With land prices plummeting in 2012, the average lot size jumped up to 6,100. Now that land prices have regained some of their value, lots have decreased a little back to an average of 5,500 square feet in the third quarter of last year.
Local agencies are now looking at drawing a minimum lot line of 4,000 square feet. Short driveways are also going to be a thing of the past. They have been found to cause safety issues as emergency vehicles have a hard time getting through neighborhoods where half of the vehicle is hanging over onto the street due to the 5 foot driveway.
Some of the costs of having larger lots along with higher infrastructure costs may be passed on to future buyers. Experts are not sure how it will all work out but for now at least, those postage stamp lots are in our rear view mirror.