What’s to Come for the Las Vegas Housing Market

Las Vegas is a city never to be outdone – which translates to a lot of quick changes and trendy upgrades in our community. With the beautiful Downtown renovations, a new local baseball stadium, several professional sports teams, and constant construction for better freeways, locals have to wonder what exactly is happening to the Las Vegas housing market? It’s no doubt that Sin City gets more appealing by the day and everybody is curious about how that will affect the buying and selling of our Valley homes.  

There has been a lot of talk about the next Great Recession since our recovery from the 2010 market crash. Foreclosures and home owners falling underwater on their mortgage payments are the major factors that lead to recession. Luckily, it doesn’t sound like Las Vegas will be taking quite that large of a hit, but there will be some changes. Currently, you would be hard pressed to find a worthy home listed under $300,000. Price per square footage is averaging out to about $168 – that may be an increase for Las Vegas locals compared to previous years but to Californians, it’s a real steal. With the new tax reform law in the Golden State, many west coasters are flocking to Sin City to get more bang for their buck. It’s likely we will see droves of investors and cash buyers as Las Vegas becomes a more desirable place to live. Foreclosures and home owners falling underwater on their mortgage payments are the major factors that lead to recession

We’ve seen steady growth in median home value since 2012 in the Valley, currently reaching to around $237,500. That is roughly around an 11% increase from last year and it’s expected to grow another 8% by the end of the year. The national home value median falls around $225,300 – Las Vegas has become quite a prime piece of real estate compared to other cities. The national housing value is expected to rise to $240,000 by January of 2020 while Las Vegas’s values will reach up to nearly $295,000! According to Zillow, we’re currently in a seller’s market. However, if you want a home that’ll increase in value, now might be a good time to buy before listing prices rise.