Many articles have been published suggesting that the Las Vegas real estate market is under a very stable condition. For the last five years, Nevada has seen a lot of improvements. Latest trends are not showing any sign of fluctuations that may suggest a downward trend in the real estate industry in the region.
The reason behind the growth in the economy of Las Vegas can be attributed to high presence of local and foreign investors. They are looking in to the potential of Las Vegas to buy and hold market.
In terms of real estate, at present the current median home price in the city is at $216,500. Las Vegas home values have appreciated to 10.16% and Zillow predicts that this will continue to rise to 1.4% until next year. In this kind of scenario, an expert in the real estate can really say that the market in Las Vegas has recovered very well from the 2008 recession which is considerable as that wasn’t very long ago. The stability of the economy that creates a very pleasant environment for real estate to thrive is the most important reason why now is the best time to invest in properties in Las Vegas.
Because home values are increasing over the last five years, it leads to an increase in equity in housing market as well. In addition, real estate experts have hailed Las Vegas as the fourth city to invest into housing, especially for the first time home buyers. Certain key factors such as the number of entry-level homes in the market, income of the buyers, and growth in home values are used as basis for this finding. Las Vegas in joined in the top five by Chicago, Atlanta, Pittsburgh and Hartford.
The good condition of economy in the city plus a lot of Millennials working within the metropolis is the reason why there is a steady demand for houses. These Buyers are already updated with what’s going on in terms of ascaya real estate, one of Las Vegas’ trendiest communities. Though most of them are still renting, there are surveys and studies that indicate that they are saving a portion of their incomes to buy their own houses in the future. And that time will come very soon.
If these Millennials will soon join the house hunting race, the supply of houses might get low. Hence, it might lead to higher prices. This is another reason why you need to invest in Las Vegas real estate now, while there is still a steady supply of housing projects and the prices are still reasonable.