Las Vegas Real Estate Market
Whether you’re renting or buying a home in Las Vegas, you should know that the market is very landlord-friendly. While the national median for rent is $1,326 and the median rent in Las Vegas is $1,530, those numbers are moving towards California-like levels. Since the Great Recession, US-wide rents have risen 17.1%, while the median two-bedroom rent in Las Vegas increased by 24.5%.
This is not surprising, considering that Las Vegas has become increasingly expensive and its inventory is being depleted month after month. The increasing number of immigrants is further straining the real estate market in the city. Despite this, home sales in Las Vegas have accelerated over the past 14 years. The city’s immigration epidemic is putting more pressure on housing prices, and Las Vegas’ real estate market is responding to the stress.
While the housing market may be slowing down for now, experts expect prices to rise by 18% this year. Last year, home values in the Las Vegas area increased by 25% to 30%. Zillow’s research department believes that the market will remain “anything but slow” through the end of this year. So, how much will home prices rise in 2022? The median home price will reach $800,000, according to Zillow.
The Las Vegas Real Estate Market is Hot
The housing market in Las Vegas continues to shatter records. Single-family homes in particular are selling at a record pace, and the median price was $410,000 in October. At the end of the month, there were only 3,077 single-family homes for sale, down from 3,077 in September. In addition, inventory was very low, with just 1.1 months of homes for sale on the market. At the same time, builders are increasing prices to attract buyers.
In the last month alone, the median price of an existing home in Las Vegas hit a record high of $697,500. That’s a nearly sixteen percent increase from January 2012. Despite the fact that there are few homes available to buyers, condos remain a popular choice. They’re affordable, too. In December alone, sales of condos reached $221 million, up 30.1 percent from a year earlier.
While the Las Vegas housing market is hot, it’s likely to continue to heat up. With the COVID-19 vaccine set to be available to the general public in 2021, unemployment rates may begin to rebound. As the hospitality industry returns to normal, the unemployment rate may stabilize. But for now, it’s too early to be optimistic about the future. You should seek the advice of an experienced Las Vegas real estate agent. You will be glad you did.
The median sold price of homes in Southern Nevada hit an all-time high of $430,000 in May. This represents a 26% YoY increase. The Las Vegas rental market is still healthy and affordable for most renters. The Las Vegas Valley is a major commercial and financial center in Nevada, boasting half of the world’s 20 largest hotels. There are more than one hundred casinos in the region and roughly 150,000 hotel rooms.