All these factors have had a huge impact on the Las Vegas housing market, which is considered as one of the hottest markets in the nation. This area is skewed to sellers due to a very low level of inventory that can’t meet the demand of the rising population. But compared to the same time last year, January 2020 sales were up 25.2% for homes and up 22.8% for condos and townhomes. Redfin, a real estate brokerage, reported that 42.3% of Las Vegas-area homes had multiple offers during four weeks ending May 10. Average Rent Price in Different Neighborhoods of Las Vegas. Copyright © 2019 Las Vegas Review-Journal, Inc. | Privacy Policy, Rain, freeze possible when polar front arrives Monday in Las Vegas, Bobby Flay to close Mesa Grill, launch new concept, Biden wins debate, according to poll, but Trump’s odds improve, Trent Brown dominates Raiders fans’ questions. A cheaper neighborhood in Las Vegas might not be the best place to live in. It is also one of the hottest real estate markets for investing in single-family rental properties. They’re choosing to rent over buying a single-family home or an apartment. Las Vegas Real Estate Market: Is It A Good Place For Investment? It has been one of the fastest-growing major cities in the United States. Which amounts to an average annual home appreciation rate of 7.14%. While homes are being built, many people are unable to afford them. The worst performance over a three year period in the Las Vegas Market was -53% in the three years ended with the 1st Quarter of 2010. Since the 1990s, Las Vegas has had one of the fastest-growing employment bases in the country, benefiting from a large labor pool and a favorable business climate. Your best tenants would be the retirees who intend to relocate to Las Vegas and want to purchase property to rent out. Rental properties near these new businesses will benefit greatly due to the increasing tenant pool and the general improvement in economic activity that they bring. From 2017 t0 2018, in 2 years, the home prices rose by roughly 30.4%. Average rents are up 4.5 percent from one year ago. Currently, there are 1.5 months of housing supply in Southern Nevada, down 8% from August and down 45% from the prior year. The median home value is $296,730 – Zillow. It was a 1.5 percent rise from the previous record high in June. This explains why you see so many California license plates in Vegas and why it costs $120 to rent a moving truck to go from Vegas to San Francisco but $2000 to come to Las Vegas. Here you’ll find the maximum no. There are more than 150 casinos and roughly 150,000 hotel rooms in the Las Vegas valley area. Las Vegas real estate has appreciated by 99.29% over the last 10 years. These conditions enabled city promoters to entice businesses of all kinds to choose Las Vegas over California. The economic uncertainty and massive job losses directly affected its housing market as well. New listings jumped month-to-month but were still far below year-ago levels. Due to rising economic uncertainly of the likes of the infamous recession cou0pled with stay-at-home order, the number of home sales in the Las Vegas housing market for April dropped sharply when compared to March. Unlike many other Western states, the Las Vegas real estate market is landlord-friendly. Rental rates are driven by several competing markets that aren’t going to slow down any time soon. The Las Vegas real estate market is entirely brimming with new businesses. Let’s learn more about Las Vegas and find out why one should invest in this sturdy real estate market. All of this gives the Las Vegas real estate market a bright future. From 2017 to 2018, the median home price in Las Vegas appreciated by 30.4%, from $217,000 to $283,000. They started on Friday and will continue through Sunday. In 2019, 35 percent of kitchen remodels enlarged the kitchen, showing that these rooms are becoming more central to our daily lives. By continuing to browse or by clicking “I Accept Cookies” you agree to the storing of first-party and third-party cookies on your device. Choosing a real estate professional/counselor continues to be a vital part of this process. Real estate prices are deeply cyclical and much of it is dependent on factors you can’t control. The most affordable neighborhoods in Las Vegas are Beverly Green, where the average rent goes for $791/month, Crestwood, where renters pay $791/mo on average, and Francisco Park, where the average rent goes for $791/mo. Nevada was at the nexus of the 2007 housing crash. The average sale price of a home in Las Vegas was $310K last month, up 8.8% since last year. Evaluate the specifics of the Las Vegas housing market at the time you intend to purchase. This may prevent prices in the Las Vegas real estate market from going too high but won’t prevent them from rising along with the rate of inflation. At the end of 2019, the apartment vacancy rate in the Las Vegas metro area was 6.5%. These things make the Las Vegas real estate market stand out when it comes to choosing a place to invest in 2020 and beyond. However, prices are declining somewhat as new housing stock comes onto the market. In June, there were a total of 3,244 new listings, which was up .4% from May but down 22.7% from the prior year. The Las Vegas housing market has been downright thriving in 2020. This applies to both indoor and outdoor venues. The total number of existing local homes, condos, and townhomes sold during January was 2,875. The Las Vegas housing market is literally on fire amid the pandemic. Many sellers have chosen to back out amid this pandemic. All of this adds up to the Las Vegas real estate market being a paradise for landlords. Las Vegas is home to more than half of the 20 largest hotels in the world. The economic uncertainty and massive job losses directly affected its housing market as well. On March 29, a statewide moratorium was issued by Nevada Governor Steve Sisolak against evictions during the state of emergency brought on by the pandemic. It is one of the country’s leading vacation destinations, drawing far more tourists than the Grand Canyon or Yellowstone National Park. As more and more buyers enter the market the prices are going to increase due to tight supply. The average apartment rent over the prior 6 months in Las Vegas has increased by $155 (14.8%). Coltyn Simmons is the founder Finalized data from the Nevada Department of Employment, Training, and Rehabilitation (DETR) show initial claims for unemployment insurance (UI) totaled 7,941 for the week ending October 3, up 416 claims, or 5.5 percent, compared to last week’s total of 7,525 claims. Landlords don’t have to pay interest on deposits. Possibly are second largest market is retiree buyers in 55+ Communities and enjoying the weather, health care, and activities that only Las Vegas can combine in one city at a value not matched in any major city anywhere in the USA. After several months of strong home sales and following a massive recovery of the local real estate market and economy, Las Vegas home sales started taking a hit due to the impact of the coronavirus pandemic.