Las Vegas Housing Market On Winning Streak Hitting 11-Year High According to LasVegasRealEstate.org
Industry: Real Estate
The #1 Housing Market Ranked by Realtor.com Has Gained Nationwide Attention As Most Affordable Major City for Cost of Living Even with Average Home at Almost $300,000
Las Vegas, NV (PRUnderground) November 27th, 2018
It is known that 2018 was the steadiest year that Las Vegas Real estate market has experienced.According to Review Journal, there are no signs of slowing down the constructions and the high rise in sales and prices in this market. As the prices are increasing in this market so is the amount of available homes on the rise. According to some reports, the average sale price for a single-family home in Southern Nevada for the first time in 11 years reached $300,000 in September.In comparison to June 2006, when the median sale price for a house in Las Vegas was $315 000. Overall, the September rise in the average home prices was a total increase of 1.7% from the last month and 13.2 or from $265 000 from September in 2017. Moreover, the average sale price for Las Vegas townhomes and condos was 21.4% up this September, compared from last year when it was $170,000.
Named as the number one real estate market in USA for 2018 by Realtor.com based on the price and amount of existing homes, new home construction and local and economic trends, some predictions are that there are so signs of slowing down the market even in the next year. In the past year, Las Vegas’ housing market was rising fast even though there was low availability of homes and a very high demand. Although home prices are rising at one of the fastest rates in the country, Las Vegas home builders are selling the most houses in incredible numbers and developers are opening more and more complexes constantly.Thousands of homes are started each year in masterplanned communities and all of them instantly become on high demand. According to the Review Journal,following this real estate market trend, home builders have doubled their Las Vegas land purchases in Las Vegas this year.This year through April, records show that builders close 3,200 units in Clark Country with an increase of 22% in comparison to last year.
Although Las Vegas is popular for the amazing house building and designs, there are also magnificent apartment complexes and notably, the rental market in Las Vegas has also been on the increase in the past several years. Despite the fact that vacancy rate is among the lowest in the country, rents are climbing fast, so even the median sell price hits its highest levels, landlords keep buying more properties. According to some records, around 6 300 units opened this year which is a sign that developers are opening, constructing and planning attractive projects to keep up with the high demand. One of the biggest buyers in this attractive real estate market has been The Blackstone Group. Up to June this year, the New York investment giant had acquired at least nine local apartment complexes, including Solis at Flamingo. Overall, apartment investors are investing money into Las Vegas due to the significant economic growth, said Paul Runkle, director of acquisitions for Logan Capital Advisors.
The positive sales happening in the Las Vegas real estate market although prices are rising is a sign that something good is happening around this area that makes people invest here. For example, the influx of people coming from high cost places such as California is just one of the factors that is driving up the Las Vegas real estate market. Additionally, many people see the Sin City as a potential place to relocate or open a new business, and some of them see huge advantages in the new developments such as the NFL Stadium. Innovations like these one and the Wynn’s Paradise Park will open new job opportunities for the growing population which will make them buy a property here rather than in the high cost cities. Las Vegas is a city that manages to keep a balance among a fast-paced living and an upscale and quet lifestyle. It is a city that became more than just a tourism where a significant economic growth is a reason that drives the real estate market and the overall function of the city. For updates or the Las Vegas real estate housing market visit www.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 Urban Nest Realty is has over 22 years experience as an agent, speaker, writer and real estate coach. He can be reached for questions, concerns or bookings at 702-882-8240 http://www.lasvegasrealestate.org/