No matter if you're moving to Las Vegas or already reside here, it is essential to understand the current state of the real estate market. Sifting through all the noise can be daunting but with experience on your side, you can gain reliable insights from knowledgeable real estate professionals.
One of the most crucial statistics when researching Las Vegas real estate market is the median age of housing stock. This statistic can give potential buyers and investors valuable insight into the quality of the local housing stock, helping them make informed decisions that will benefit them in the long run.
1. Median Home Value
If you're already living in Las Vegas or planning to relocate here, it is essential that you understand the current state of the real estate market. With so much misinformation out there, it can be hard to know what's accurate and what isn't; therefore, listening to expert opinions is crucial for anyone interested in investing in property.
Zillow's recent data indicates that Las Vegas' average home value has grown by 4.5% in a year, an indication of increasing housing demand in the area.
Though price trends vary by city and neighborhood, the median home value in Las Vegas has reached an all-time high. While purchasing a home at this price point may not be cheap, many potential home buyers can make the investment.
If you're in the market for a home in Las Vegas, one of the most essential steps is shopping around for mortgage rates. Doing this could save you thousands of dollars over the course of your loan.
In addition to interest rates, it's essential to consider other costs associated with a home purchase. You'll need to make a down payment and pay monthly property taxes. Furthermore, research other potential expenses like moving costs and home maintenance.
Another excellent strategy is to hire a knowledgeable agent who will assist in finding the ideal home at an unbeatable price. Doing this ensures you maximize your investment and make informed decisions for your future.
Although the Las Vegas real estate market has experienced a slowdown over the last few months, it remains an excellent time to purchase a home. The average home sale price is at an all-time high and there are few homes for sale on the market.
Las Vegas has a limited supply of homes for sale, meaning prices should continue to increase over the coming years. However, it's essential to remember that the average home sale price remains lower than its peak in 2006. Therefore, home sellers should exercise patience and be willing to work with prospective buyers to negotiate an equitable price.
2. Median Rent
Las Vegas' real estate market offers a number of opportunities for both homeowners and investors. Home values remain relatively steady, making purchasing property easy with good financing options available. However, the economy remains susceptible to changes in interest rates and inflation. These issues could cause home values to decrease, making it harder for homeowners to sell their property.
One way to avoid these setbacks is to wait until interest rates and prices begin to stabilize. Doing so gives people more time to save for a down payment and lower their overall monthly payments. However, if you are considering buying a home in Las Vegas now, it's wise to do your due diligence and research other factors before making a final decision. This includes finding out how long it will take for your house to sell and whether market conditions could impact its price.
Additionally, you should assess the livability index of your neighborhood to determine how easy it is to live there. Doing this can help you select a place that's not too expensive but still comfortable and enjoyable to live in.
Las Vegas' housing market was severely hit by the coonavirus pandemic, but is now showing signs of recovery and is projected to continue its strong growth in 2020. Now is an ideal time for buyers as inventory is low and motivated sellers are actively searching for homes to sell.
Las Vegas' economy is flourishing, and an influx of people is taking place. In fact, the population growth in Las Vegas has been faster than any other U.S. city. Nevada is becoming a magnet for those fed up with living in their home state's high cost of living. Thanks to affordable housing and an attractive lifestyle, more Californians are migrating here in search of a better quality of life.
Finally, rents for most homes in Las Vegas should begin to stabilize as more residents' leases come up for renewal. According to the Nevada State Apartment Association (NVSAA), rents in the area are expected to increase by only 5.5 percent by 2022.
3. Vacancy Rate
Las Vegas is one of the hottest real estate markets in America. The city continues to draw more and more people thanks to its strong economy and growing tourism industry, and this trend is expected to continue as people flock here to take in its stunning landscapes and thrilling nightlife.
Las Vegas' housing market is experiencing a strong demand, which has caused an abrupt decrease in available properties. At present, the local vacancy rate stands at just over two months - an indication of a healthy marketplace.
Home prices in the city are rising rapidly, which is encouraging news for homeowners looking to sell their property. Unfortunately, Zillow's market forecast suggests home values will decrease 3.7% by 2023, potentially making it harder for potential homebuyers to secure a property.
Though this could impact resale homes, it won't make a major impact on first-time homebuyers looking to buy in the city. Homes remain in high demand with an average price of $396,342 currently being the average in the area.
Las Vegas' vacancy rate remains high, but is expected to decline by 2022. A report indicates that 7,400 apartment units are in construction which will increase rental supply by 4% once they are complete.
These apartments will be attractive to renters due to their reasonable prices. Furthermore, the city has an expanding population, meaning more people are willing to pay rent. Las Vegas landlords still have many ways to profit from their investment properties despite its high vacancy rate. They can rent out the property to visitors visiting the city and earn additional revenue from a portion of the rent paid by those guests.
Furthermore, Las Vegas boasts an abundance of skilled workers, making it a prime location for companies to relocate. If you're searching for an investment in real estate, then Las Vegas should definitely be on your list.
4. Homeownership Rate
Las Vegas' homeownership rate remains below the national average, though it has slowly been rising since the Great Recession. As of 2019, this valley's homeownership rate stands at 58 percent - 7 points lower than the national median of 65 percent.
Though the housing market has improved, affordability remains a barrier for many in the area to purchase a home. This is due to high living costs and limited supply, particularly in high-population growth areas. A lack of affordability is often cited as the main reason people opt to rent rather than own a home, particularly younger individuals who cannot save enough money for a down payment or who find themselves unable to make their mortgage payments due to job changes or increases in expenses.
Although the housing market in Las Vegas has improved, affordability remains a problem for many. This is especially true for younger individuals who may lack enough money to save up enough for a deposit or who find themselves unable to pay their mortgage due to job changes or increases. Another significant problem in the city is that home prices are increasing faster than wages for many residents. This is partly due to a strong economy that is creating jobs but also due to an inadequate supply of affordable housing.
Charles Bachaud, vice president of research for the Greater Las Vegas Association of Realtors, reports that while housing inventory has eased up a bit and is now at an 8-year low, this will help stabilize the market long term. While sales in the local area have begun to stabilize recently, adjusting and price reductions will take time before prices return to pre-recession levels.
The current real estate market in Las Vegas indicates home ownership remains below the national average, with the exception of Hispanics and millennials. This is attributed to Nevada's housing bubble in the late 2000s, which resulted in higher home prices and a lack of available properties for sale.
