10 Year Las Vegas Housing Market Predictions Unprecedented in US History Says LasVegasRealEstate.org

10 Years ago Las Vegas was labelled the #1 city in the United Stated for foreclosures and went on to suffer a 70% loss in homeowners equity in less than 1 year. This was a devasting blow to a city that at one time grew a mile in each direction in less than a year and was labeled the one of the “Fastest Growing Cities in America” by Forbes. Emerging from the housing crsis and recesion Las Vegas became ground zero for investors and flippers. TV programs such as “Flipping Las Vegas” and “Flip or Flop Vegas”  ran for seasons showing the remergnce of a city that would redifine the city. From 2013 to 2018, Las Vegas became one of the go to cities to by for investing, retirement, lifestyle or just to live. Today, Las Vegas is the #1 city as sited by REALTOR.com  for growth and overall markets. Even though the prices of housing properties in Las Vegas are continuing to grow, they are still very affordable when compared to prices in states such as California.

The first half of 2018 has seen a huge increase in the demand for housing in Las Vegas, Nevada. The high demand is followed by an increase in population, as well as an overall improvement of the economy in the area. All these factors have had a huge impact on the Las Vegas real estate market, which is considered one of the hottest markets in the United States at the moment. However, the demand for Las Vegas housing has grown so high that it now exceeds the number of available properties, according to the 2018 Las Vegas Real Estate Market Report. As reported by GLVAR, or the Greater Las Vegas Association of REALTORS founded in 1947, the real estate market of Las Vegas is struggling to meet the high demands due to a significant lack of inventory. With properties selling faster than ever before, the few listings that are left available are not sufficient to meet the high demand coming from both local and foreign investors. Local real estate agent, William Margita, who secializes in Las Vegas homes for sale with pools, tells us that there has been a significant increase in housing property prices of 12.7% compared to last year.

According to the Review Journal, the increase of property prices on the real estate market of Las Vegas is taking place at the fastest rate in the United States. The reasons behind this are the rapid increase in population and the improved economy of the state. According to the World Population Review, Las Vegas happens to be the most populous city in the state of Nevada. The Census Bureau’s data counted 583 756 people in 2010 and 623 747 people in 2016, while the numbers are still continuing to grow. On top of the increased population, the city known as the Entertainment Capital of the World is always crowded with tourists, as tourism has given a huge boost to the economy in the area. Las Vegas has become a popular resort city but in the recent years it has also drew the attention of many retirees, becoming one of the 10 most popular cities to retire to, according to Smart Asset. Thanks to the development of safe, gated communities and a wide variety of amenities, the city of Las Vegas has become a popular destination for raising families as well. However, what attracts new residents to this area are the lower costs of living and the lack of state income taxes.

Investing in new properties has never been a bigger opportunity in Las Vegas, since the housing prices are increasing and they aren’t expected to drop any time soon. Ashley McCormick of Urban Nest Realty says “With a lack of inventory, new buyers are eagerly waiting to see more properties listed for sale in Las Vegas. “. However, those listing don’t stick around long, since houses are selling at a much faster rate than last year. Sales for June of this year amount for 89.1%, while in June 2017 the sales equaled to 83.3%. Same goes for the demand for condos, which had 87.2% of sales in 2017 but that number has grown to 91.2% this year. With properties selling so fast and the prices continuing to grow, the Las Vegas real estate market has become the perfect environment for investing, building and selling properties. That is why builders and investors are expected to take action soon in order to boost the inventory and provide more housing options to the market’s listings. If we don’t see an improvement in inventory, the Las Vegas real estate market is going to continue struggling with high housing demands without the ability to respond to them.

Despite the shortage of inventory in the area, buyers still want to wait for their opportunity in Las Vegas. One source tells us that the resale homes have seen a huge increase in prices of 16% compared to last year. Even the rent prices are climbing the scale these days, while the vacancy rate in Las Vegas is at the lowest in the country. When it comes to the top real estate markets in the United States, realtor.com has ranked the market of Las Vegas as the number one housing market that will rule 2018, with a median home price of 285 045$ and a predicted sales growth of 4.9%. The same source tells us that the predicted property price growth in Las Vegas is 6.9%, which is enough to motivate investors and builders to take action and start providing more listings to the heated market.

July of 2018 has seen a 1.4% increase in house sales compared to July 2017, while the sales of condos and town homes has also gone up by 17.2%, which is large improvement for a period of one year. Back to the first GLVAR report, not all aspects of the Las Vegas real estate market have seen a huge increase. In fact, there has been a significant drop in the number of cash buyers compared to last year. The cash sales in Las Vegas made up to 22.9% of total sales thus far, while the same statistics for last year show a larger percentage of 27.2%. However, even though cash buyers are no longer as prominent as they used to be, this has not affected the market tremendously. In fact, the real estate market of Las Vegas keeps growing and expanding at a rapid rate, since both local and foreign investors are seeing a great opportunity in the large demand for housing. This opens up new opportunities for investing both in properties such as townhouses and in raw land, which can further be used for building houses or condo complexes. Investors or interested buyers can get more information on the Las Vega housing and real estate market sat www.lasvegasrealestate.org

About LasVegasRealEstate.org

LasVegasRealEstate.org is a top rated source for Las Vegas real estate news and market updates to include all MLS homes for sale in Las Vegas, NV and surrounding cities and communities to include Henderson, NV & Summerlin. William Margita of Simply Vegas is has over 20 years experience as an agent, speaker, writer and real estate coach. He can be reached for questions, concerns or bookings at 702-882-8240 https://www.lasvegasrealestate.org/