Real Estate & Homes For Sale
If you’re thinking about buying a home in Las Vegas, NV, you might be wondering where to start. You’ll want to start by learning about the Las Vegas real estate market. This area of Nevada has a diverse real estate market, from high-rise condos to low-income neighborhoods. While the real estate market is strong, the city’s housing supply is capped by the availability of vacant lots.
Regardless of what your reasons are for wanting to buy a home, the Las Vegas housing market is still relatively affordable, even if prices have increased by almost 20% since last September. When the housing market collapsed, Las Vegas home prices plunged, bringing the median price of a free standing home down to $150,000, but since then, prices have recovered from the housing slump. The city’s unemployment rate has slowed, and the number of homes on the market has declined by one-third, compared to nearly three-quarters of a million in May 2009.
Although it is possible to buy a Las Vegas homes for sale without a mortgage, it may not be worth the investment. There are numerous factors to consider, such as location and price range. The strip is a prime location for condos, which may attract more attention than other properties. Those who want a place off the strip can consider purchasing a condo-hotel. For instance, a condo in the City Center can be financed by a bank and is a popular option for investors.
Regardless of the market’s state, the home value in Las Vegas has increased nearly thirteen percent in the past year. According to the S&P Corelogic Case-Shiller index, home prices in Southern Nevada have cooled since that high, as prices are lower and sales have dropped. However, the market is flat over the year, with average price increases ranging from one-third to two-thirds of homes for sale in different zip codes.
Las Vegas NV Real Estate & Homes For Sale
The demand for luxury homes is very high in Las Vegas, and this has resulted in a tight rental market. During the Great Recession, almost half of the city’s residents were renting. This situation has changed to nearly two-fifths, but rents are still increasing. While many people still cannot afford to buy new homes, developers who survived the recession are capitalizing on the current situation by building luxury properties.
The population growth in the Las Vegas real estate market will exceed the national growth rate, according to the US Census Bureau. This means that the housing market will continue to enjoy a steady population increase over the next few years. Indeed, the city was named one of the hottest housing markets in 2018 and will continue to hold that title into 2020. As a result, investment properties in Las Vegas are a good investment for both residents and investors alike.
In February 2020, the unemployment rate in the city was 3.9%. By April, it had increased to 34%. By June, the number fell to just 18%. The short-term effects of the eviction laws are not as severe, as the housing market is recovering. The unemployment rate in Las Vegas is still comparatively low, but the future may be different. So, the real estate market in Las Vegas is still expected to grow, and is still one of the top markets in the country.