Las Vegas Real Estate MarketIt is nearly impossible to have a real estate bust in a city of 1.8 million people and in which 60,000 jobs will be created this year.
Don't expect Las Vegas to be hit hard by the real estate downturn, especially with 7,000 new arrivals a month.
Las Vegas has the fifth-largest school district in the country and the most active new-business industry in the nation. For the thousands of people who arrive here every month, it's a place to start or to start over. And they'll all need a roof over their heads.
Las Vegas offers great job opportunities, affordable housing from single family residential to luxury highrise condos, investment opportunities, the finest five-star restaurants and great schools.
Las Vegas is one of those places that always seem to be expanding â€” and usually with plenty of fanfare. In the last couple of years a number of high-rise condominium projects have been announced for the Strip and up and a revitalized Downtown.
Home Size in Las Vegas has increased in the last six years.
Year Single-family home average square feet Town home-condominium average square feet
2000 2,079 1,247
2001 2,151 1,275
2002 2,171 1,313
2003 2,158 1,321
2004 2,131 1,228
2005 2,143 1,243
2006 2,249 1,328
Las Vegas struggled a bit in 2006 after a couple years of 40 percent and 50 percent appreciation. The national median home price is $221,000, and Las Vegas is at $328,000
If you think Las Vegas' housing construction is in the dumps you need to look around, there are approximately 550 active subdivisions in the valley.
TOP 10-SELLING SUBDIVISIONS Subdivision Sales Average price
MGM Grand Residences 979 $593,192 Sun City Anthem 856 $401,224 Solera 492 $277,208 Bella Vita 474 $167,156 Sun City Aliante 407 $292,045 Residences at Canyon Gate 388 $195,086 Manhattan 295 $333,189 Flamingo Palms Villas 294 $337,604 Solera at Stallion Mountain 289 $264,874 Meridian 279 $522,776 SOURCE: SalesTraq
In my opinion we saw the market shift into a healthier and more stable market. The market is yielding more consistent home values. Since the growth fundamentals have not shifted and population growth continues in Las Vegas, I am still very bullish on the future outlook of the Las Vegas real estate market.
Although several projects have been canceled or delayed, the high-rise market remains strong with units ranging from $400 - $1200 a sqft.
This is a great time to purchase a home in Las Vegas. Sellers are adjusting to our market conditions and prices are adjusting in the buyers favor. For buyers that want a new home, the builders are offering great incentives. Such as 20K-50K in designer upgrades, no HOA dues for 1-2 yrs, and amazingly no mortgage payments for up to 2 yrs.
Las Vegas has strong growth and a great job market. Compared to most highly desirable areas in the country you can purchase a home in a wonderful area for a reasonable price.