Lori Ballen, the owner of this website, benefits from purchases made through her affiliate links.
Which real estate markets are hot right now? If you bet Las Vegas is in the top spot, you’re onto a sure thing. In fact, although Vegas has been number one on realtor.com a few times in the last fifteen years, it’s actually mostly been for homes purchased in short sale or foreclosure.
Finally, in 2018, Las Vegas has snagged the most elusive title – that of the hottest market to watch for overall home sales. Homes in the Valley are going fast, with 2017 having been the third best year ever for this area.
With a solid economy bringing more tourist dollars to Vegas, and overall growth in the double digits now is a great time to live, work, and play in Sin City.
The Stats
We love stats here in the city of lights. If you’re looking for a stable job market and a beautiful, safe area to build or buy your forever home, here are a few facts and figures about the Las Vegas Real Estate Market that may help shave the odds in your favor:
- Median home prices are on the rise: Prices for single-family homes have jumped over $40,000 in the last two years. The median home price as of December 2017 was $239,500 including all types of properties. Single Family homes recorded higher. View Report.
- Suburbs are growing: Places like Summerlin, and other affluent suburbs designed for planned community living, are commanding the highest prices. The addition of amenities like clubhouses, jogging trails, and parks in these communities has helped drive up the prices and increase demand. The median price in Summerlin, for instance, was $365,000 last year for all properties.
- It’s a seller’s market right now: According to the Greater Las Vegas Association of Realtors (GLVAR), there is less than a three month’s supply of homes available for sale right now. This is a dream for sellers and a challenge for buyers. The shortage of available homes may be part of the reason home prices are climbing.
- Sales of all types of housing are climbing: Single-family home sales increased 14 percent over last year, while condo and townhouse sales increased 13 percent over 2016.
- Economists are predicting that home prices will increase another 5 percent over the course of 2018. This is great for sellers, and a bit better for buyers. Although prices are climbing, the drastic increase that Las Vegas has seen over the past two years seems to be slowing down. As the demand catches up to the supply, expect the growth to taper off and prices to stabilize.
Playing the Odds
There’s nothing wrong with playing your advantage in the Las Vegas housing market right now. You’d be hard-pressed to find anyone betting against investment in a home right now. Many important indicators are pointing to a stable housing and job market right now, and remarkable, yet sustainable growth.
- Housing sales are consistent – while we’re seeing growth, these gains aren’t simply flukes or artificially inflated prices like we saw right before the Great Recession. And while it’s a seller’s market right now, it’s due to the desirability of living in Las Vegas, versus a fire sale that happened in 2009. Homes are selling to the right buyers, in the right price ranges. More importantly, homes are holding their value year over year.
- The economy overall is strong and gaining. Unemployment in Las Vegas right now is at 5.4 percent and has been steadily dropping. This indicates a robust job market, and thus more buyers seeking to invest in a home.
Housing Bubble?
Many expert realtors and finance professionals believe that the housing bubble of 2008 was due more to poorly written mortgages than anything else. They believe that we shouldn’t see a housing issue like this again. That being said, make sure that your home loan is solid, and that you’re in a good place to buy or sell.
If you’re a home buyer concerned about your mortgage, work with an experienced lender that you trust, who can walk you through the process. As a homeowner, you will have the responsibility to ensure that you are selecting the right home loan and the right amount for you. Here’s a calculator to see how much home you can comfortably afford.
With a small amount of inventory, and some, but not a lot, of new building going on in Las Vegas right now, the high demand and low supply may push home prices higher, simply due to availability. Construction companies acknowledge that they’ve been deliberately underbuilding over the last several years. However, many agents think that there is still room to grow in the Valley, and many homeowners feel secure that they’ve gotten a good value on their home.
While new houses are helping to push the median single-family home price in Las Vegas (the median for new builds is $360,000), home resales are still the bulk of real estate transactions in Las Vegas. Although the prices are robust, they are still a ways off from setting records.
Selling
If you’re thinking of selling your home in Las Vegas, whether you’re upgrading or relocating, now is the time. With a tight housing market, a large influx of ready buyers, and a robust job market, prospects look good for sellers. Investing in real estate may be an option, also. For those who look to make a little extra with rental properties, the tight market may mean that short-term renters are looking for a place while they shop for their dream home.
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3 comments
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How to Sell a House with Foundation Problems
Lori Ballen, the owner of this website, benefits from purchases made through her affiliate links.Foundation problems can have a huge impact on a house’s price on the local real estate market. As a result, people who are planning to sell a house with foundation problems will want to look up the potential implications for their […]
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People often have different ideas in terms of what they think is going to boost the appraisal amount for their property. While some things are more obvious such as upgrading the siding or cleaning up the yard, other things remain a mystery to some. One of those things is whether upgrading the carpet is going to increase the appraisal value or not. In reality, the answer isn’t as simple as you might think.
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When selling a property in Las Vegas, you have the responsibility to provide a clear picture of the home to the buyer. Although this move may seem counter-intuitive since it may impact on the overall selling price, failure to do so may also have severe consequences. Therefore, the big question is; what must you disclose when selling a house in Las Vegas? Read on to find out everything that you need to know.
The Buyer Missed the Closing Date, Now What?
A Closing date is established on the purchase agreement. The buyer who makes the offer first requests a particular date. Generally, this is 30-45 days from offer acceptance. Read more to discover more options.
How Long Does It Take To Sell A House in Las Vegas
On average, a single-family home is taking 13 days to sell, as reported at the end of 2nd quarter 2018.
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What Is a Sellers Market?
You’ve probably heard the terms “buyer’s market” and “seller’s market” when it comes to real estate. These terms seem fairly straightforward – a buyer’s market favors the buyer, while a seller’s market favors the seller.
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Lori Ballen, the owner of this website, benefits from purchases made through her affiliate links.One way a seller can attract buyers is by throwing an open house. Done properly, an open house can attract multiple offers and secure a fast sale. Do it poorly, however, and you’ll put potential buyers off your home. Make your […]
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Lori Ballen, the owner of this website, benefits from purchases made through her affiliate links. Quick LinksStep 1: Consider Why You Want to Sell:Step 2: Decide How Much you Would Like to Walk away with.Step 3: Get an Online Home EvaluationStep 4: Fix up the House and Do Obvious RepairsStep 5: Have a Pre-Appraisal to […]
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Lori Ballen, the owner of this website, benefits from purchases made through her affiliate links.It seems a bit counterintuitive for someone who is home to allow a buyer to pay over time for their property with seller financing. After all, wouldn’t it be better to get all the money in one go thereby requiring the buyer […]
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Lori Ballen, the owner of this website, benefits from purchases made through her affiliate links.You may be able to ignore the trash and thigh-high grass in your neighbor’s yard, but a home appraiser won’t. A bad neighbor can bring down the price of a house by as much as 10%, according to the Appraisal Institute. […]
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Lori Ballen, the owner of this website, benefits from purchases made through her affiliate links.Quick LinksThe Five Steps of a Las Vegas Short SaleLas Vegas Short Sale ProcessWhy might you consider short selling your home?Why hire short sale experts The Five Steps of a Las Vegas Short Sale A short sale can be an appropriate […]
When is the Best time to Sell a House?
Lori Ballen, the owner of this website, benefits from purchases made through her affiliate links.Our goal is to answer your question “When is the best time to sell a house”. If you are considering selling a house in Las Vegas, Henderson, or North Las Vegas, Call The Ballen Group of Keller Williams Las Vegas at […]
Buying in this Market
Make sure that you have pre-approved financing, preferably with a letter from your lending bank. Know what you want, and be ready to make an offer. Hire a professional real estate agent like Lori Ballen REALTOR® and her team with good connections in the area you wish to buy – with a housing market like this, your realtor may know of properties before they land on places like Zillow or Trulia.
Know what kind of home you want, and make sure that you communicate well with your agent so that they can help find you the place of your dreams.
MLS Listings
