The Las Vegas real estate market is currently experiencing a surge in prices and a decline in inventory. Buyers are facing intense competition to get the home they want, while sellers are dealing with multiple offers. In the future, the Las Vegas real estate market is expected to appreciate faster than the national average, with prices increasing by 19.5% over the next 12 months.
Las Vegas used to be an affordable alternative to California, but rising prices and a booming market have made it less attractive to first-time buyers. The city has become one of the wealthiest in the country due to its unique economic base. The number of REO properties in Las Vegas increased by 81.3% from the previous month, but only 1.8% from the previous year.
The Las Vegas area has lost more than 200,000 jobs since March due to the coronavirus pandemic, yet homes are still selling faster than they were last year at this time. If supply increases to more than five months of inventory, it could become a buyer's market. Investing in real estate is one of the most important decisions an investor can make, and Las Vegas remains an attractive option for residential real estate investors despite high prices.
Summerlin is one of the most popular housing developments in Las Vegas and is currently one of the fastest-moving new housing developments for new homes. The Las Vegas Realtors trade association shows that the Las Vegas real estate market continues to rise with home prices rising, but sales are now starting to fall. 805 condominium and townhome units were sold in October and, by the end of the month, 583 units were available, with 0.7 months of inventory on the market. 776 condominium and townhome units were sold in April and, by the end of the month, 508 units were available, with 0.7 months of inventory on the market.
Despite its history of booms and busts, including during the Great Recession, the Las Vegas real estate market remains strong and unlikely to crash in the near future. With well-informed investors aware of changes in market conditions, forecasts, consumer attitudes, best locations, deadlines and interest rates, Las Vegas remains an attractive option for residential real estate investors.
