Las Vegas is an incredible place to live. But it’s not for everyone.
It’s a major tourist destination, attracting people from all over the world. As a result, Las Vegas is the 28th most populated city in the country. You may be looking to escape the big city life.
Or it might be the heat. Being located in the Mojave Desert makes Las Vegas the 2nd hottest city in the country.
Or maybe you love Vegas but you are moving for a new opportunity. Either way, you’ll want to be aware of these Las Vegas real estate market trends.
Sin City is a hot real estate market and if you are looking to sell your house quickly, these are the things you need to know.
How Is the Las Vegas Real Estate Market?
The pandemic of 2020 brought extremely high levels of unemployment around the country, especially in areas that depend on tourism such as Las Vegas. For a period of time, Las Vegas had a 30% unemployment rate. In October 2020, it dropped to just 12% and continues to improve.
Many suspected the housing market in Vegas would crash, but it’s actually been quite the opposite. The demand for single-family homes in Las Vegas is very high, but the supply is low.
As a result, home prices have drastically increased. Those wondering how to sell a home in Las Vegas are in a very good position.
Las Vegas Real Estate Market Trends
So why is the real estate market booming in light of the pandemic? And why are so many people trying to get homes in Las Vegas? Here are the real estate trends in Las Vegas you need to be aware of if you are asking yourself, “how can I sell my house fast?”
1. Those From Larger Cities Are Flocking to Las Vegas
Many people are looking to move out of expensive cities like New York, Los Angeles, and Seattle. Home prices in Las Vegas are much more affordable than in these large areas.
Plus, Las Vegas has more of a suburban feel. But it still has many big-city opportunities.
2. There Is Likely to Be a Surge of Distressed Properties
Many people are currently receiving help from mortgage relief programs to prevent widespread home loss due to high unemployment rates. These programs will likely cease in 2021 as the unemployment rates have dropped across the country.
In Las Vegas, there will likely be a surge in distressed properties available for sale once the mortgage relief ceases.
3. Prices May Drop Soon
Many experts are anticipating that the high home prices in Las Vegas will start falling soon. Because the economy is still in rough shape due to unemployment and slow tourism, the real estate market will soon need to match the economy.
This could mean a shift from a seller’s market to a buyer’s market in the near future.
Now Is the Best Time for a Las Vegas Home Sale
Right now, real estate in Las Vegas is in high demand. But with a very volatile situation around the country, things can change quickly.
Keep these Las Vegas real estate market trends in mind as you start planning your next move. If you need further real estate advice, be sure to visit the rest of our blog today.