Las Vegas is a city that has long been known for its vibrant nightlife, exciting gambling, and natural beauty. But in recent years, it has also become a destination for real estate investors and homebuyers alike. With the median price of single-family homes reaching an all-time high, many are wondering if the Las Vegas housing market is still booming.
According to Zillow, the real estate website known for estimating home values, the Las Vegas area is expected to see an 18% increase in home values this year. This follows a 25-30% increase in 2020. The market remains a strong seller's market, with 0.6 months of inventory in the market until the end of March. This represents a decrease of 11.5% compared to February.
The report by Las Vegas realtors shows that house prices in the valley continue to rise, setting a new all-time high. Homes are selling faster than they were last year at this time, despite the devastating effect of the coronavirus pandemic on the economy. Both Carson City's unemployment rates and those in the Las Vegas-Paradise Metropolitan Statistical Area (MSA) did not change throughout the month.
Investors believe that home prices in Southern Nevada are real and that the market is approaching a tipping point. With tourists investing billions of dollars in southern Nevada, supporting thousands of tourism jobs, it's no wonder that the housing market is still booming.
However, it's important to remember that if interest rates start to rise, you could face more expensive payments and less chance of buying a larger, more expensive home. During the Great Recession, Las Vegas grew from one-fifth of its residents renting to nearly two-fifths. So if you're thinking of moving to Las Vegas and want to know the costs of living there, it's important to consider all your options.
Overall, it appears that the Las Vegas housing market is still booming despite the economic downturn caused by the coronavirus pandemic. Home prices continue to rise and homes are selling faster than they were last year at this time. Investors believe that home prices in Southern Nevada are real and that the market is approaching a tipping point.