Las Vegas, NV, knows how to draw a crowd. Not only is this a major resort city, but the real estate market has been booming. Look everywhere and expect bars, coffee shops, great malls, and parks. Families and people who are looking for suburban areas and entertainment galore could love Las Vegas.
But, those are not the only things to love about Las Vegas. Real estate investors have a place here too. Let's look at the data:
Quick Facts:
- Its current population is 634,773.
- Compared to Nevada's average, the city's cost of living is 2% below.
- The median home price is $359K to $395K.
- On average, the price per square foot is $204.
- The real estate price is 3% lower than the Nevada average.
- The housing supply is tight, so it's a seller's market.
Las Vegas, NV, in a Nutshell
The city leads as a financial, commercial, and cultural hub of Nevada. Thinking about moving here?
Here are some of the fastest-growing areas in the city:
- Sun City Summerlin
- Kyle Canyon
- Tule Springs
- Summerlin North
Economy
The city experienced a drop in its employment during the Covid-19 pandemic. This is due to the bustling entertainment and hospitality industry. Sadly, today's unemployment rate is one of the highest recorded in Las Vegas. But, there is a 3.5% increase in Las Vegas' job market. In the next ten years, experts see a 39.0% growth. Below are some of the most in-demand jobs in the city:
- Accommodation
- Food services
- Health care
- Social assistance
- Entertainment and arts
- Recreation
Weather
The weather in Las Vegas, NV is known for its hot, hot summers. But many love the dry desert heat and warm summer nights and the other seasons have much more reasonable temperatures.
Public Schools
Las Vegas, NV, hosts over 200 public schools. Some of which are:
- John W Bonner Elementary School
- Sig Rogich Middle School
- College of So. NV High School West
Real Estate Condition in Las Vegas, NV
(Data from July 2021)
Housing Demand (Inventory)
"The Las Vegas housing market is on fire," says Norada Real Estate Investment. As a matter of fact, this major resort city is continually drawing more and more people from Southern California. As a result, the housing inventory has become limited.
With few new listings, at the current monthly rate of sales, inventory would run out in just over a month. It is below the needed home supply for a balanced market.
For sellers, this is the best time to sell a house. Especially the single-family homes, which are the most in-demand.
For buyers, they should take advantage if possible because the mortgage rates are at their lowest.
Housing Market
In June 2021, there was a 2.6% increase in the city's median home prices and the price per square foot is $204.
Vegas has a lot of new homes being built but is currently experiencing an issue with supplies in the construction industry - as are a lot of other areas. While there are still newly built houses, the supply can't still keep up with the demand. Norada Real Estate Investments also added that first-time buyers may carry the load of limited housing supply.
Housing Market: Based on Area
The most expensive neighborhood in Las Vegas is Paseos, with a median home price of $740.3K. Meanwhile, the most affordable one is Pioneer Park, where the median listing price is $220K.
- Homes in North Las Vegas, NV, are $330K, trending up 11.9% year-over-year. Hence, the price per square foot is $183.
- West Las Vegas, NV, prices were trending up 16.3%, recorded at $250K and $188 per square foot.
- Median listing price in East Las Vegas, NV, is $239.9K, trending up 14.2%. The price per square foot is $167.
Housing Trends
Along with the growing demand for single-family houses, rental properties are bustling too! On average, a 1-bedroom costs $1,067 per month. There was a 7% increase compared to previous months. As a result, experts see a positive outlook in the growing rental market. Not only that, but experts also suggest that investors should start considering rental properties for their next venture.
Aside from the sudden growth in rental properties, luxury homes have been doing well recently and high rise condos are aplenty in Vegas.
Final Thoughts
Zillow says that real estate investors should expect a robust and steady market in the coming years, and we agree.
Have a comment, tip, or concern?
Thanks for reading Elite Informer! Here's more where that came from.