Las Vegas Real Estate Trends
Las Vegas Real Estate
Recent statistics indicate that the median home value in Las Vegas has increased annually for the past five years. This growth has come even while the nation was emerging from a recession. The growth in the luxury home market is a testament to the stimulation that Las Vegas received from foreign and domestic investors. While the trend has increased over the years, it did start to moderate in 2014. In 2014, the median price of luxury homes in Las Vegas fell to a five-year low.
Although there are few restrictions on Las Vegas landlords, it is important to keep in mind that the city’s landlords tend to be very landlord-friendly. For example, if a tenant is late in paying the rent, they typically have five days to “cure” the problem. After that, however, eviction proceedings can start. Since wages haven’t increased in line with housing prices in Las Vegas, the property value may not rise as high as one would hope but will still increase with inflation.
Buying a home in Las Vegas is a great way to invest in real estate and make a profit. In addition, the housing market in Las Vegas remains affordable. During the recession, the city suffered a real estate crash when people lost jobs in great numbers. The average price of a home in Las Vegas fell from $300,000 to $150,000. Inflation has brought home prices back up to where they were before the pandemic, and the foreclosure rate is much lower than the national average. Only one out of every thousand homes in Las Vegas are foreclosed on each month.
Las Vegas Real Estate Trends
The foreclosure rate in Las Vegas has gone down in recent months, but the median home value is now approaching the national average. There are currently 6.8 weeks of inventory in the Las Vegas real estate market. These trends are likely to continue to drive prices upward for the foreseeable future. These trends are encouraging for buyers and will support local real estate investors in the coming years. The median home value has increased nearly 17 percent over the past year, and there are no signs of it slowing down anytime soon.
The low inventory in Las Vegas is a positive indicator for the future. As long as there are fewer houses available, the market is prime for sellers. A shortage of homes means that motivated buyers are actively searching for houses for sale. However, there are also fewer property owners competing with each other for these homes, which will push up prices in the near future. With low supply, Las Vegas real estate is in a seller’s market, but a tight supply, more buyers will drive prices upward.
While most people associate Las Vegas with casinos, the area is becoming increasingly diverse. Not only does it support a thriving gambling industry, but it is also a hub for medical and technological industries. The City of Las Vegas is home to the University of Nevada and several Internet shoe stores, including Zappo’s. The business environment is generally friendly, and businesses in Las Vegas are growing at twice the national average. This makes Las Vegas a great place to live, work, and play.
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