Las Vegas is a bustling city with a lot of potential for growth. It is home to some of the world's most iconic attractions, such as the Las Vegas Strip and the Bellagio. But is it a small market? The answer is both yes and no. On one hand, the cost of living in Las Vegas is higher than the national average, and some areas have seen prices skyrocket. On the other hand, the city has seen an influx of people from more expensive areas, looking for more affordable housing. In addition, Las Vegas has become a hub for professional sports, with the UFC and Professional Bull Riders both having headquarters in the city.
The construction industry in Las Vegas has seen a decrease in net home sales and new purchase contracts in May compared to April. However, homes are still selling faster than they were last year at this time. The Las Vegas Realtors trade association reported that 88.6 percent of homes sold last month had been on the market for 30 days or less.
The UFC has opened its new Performance Institute in southwest Las Vegas, and Professional Bull Riders has reserved dates in Las Vegas for its annual global finals and Last Cowboy Standing events for decades to come. The UFC executive would like to see Las Vegas become a global sports center, with links to local colleges and universities for sports-related research and curricula. Oakland's last remaining major professional sports franchise is also looking into moving to Las Vegas.
The unemployment rate in Nevada fell to 12% in September, with an estimated 14.8% of the Las Vegas Valley workforce unemployed. This is the highest rate among large metropolitan areas in the country. Despite this, many people are still looking to move to Las Vegas due to its more affordable housing options.
Las Vegas is now among the 10 most overrated real estate markets in the country, with homes selling 41.88 percent above its long-term price trend. This means that it may not be the best place to invest in real estate right now, as prices are higher than they should be.
