News media loves the biggest car crash, so during the Recession, Las Vegas and a few other cities were ever-present in the headlines of bad real estate news. The table above illustrates how deep the crater went and how far it’s returned to pre-Recession levels. For homebuyers in the market, you may have missed out on the gains from the depths of the market, but there is still room for building equity.
I say that because, as of March 2018, The Greater Las Vegas Association of Realtors reports just over a month’s supply of homes on the market with roughly 30 percent fewer homes listed this past year (but 6.4 percent more condos). Couple that with a 15.7 percent year-over-year increase in single-family home sales prices and a 30.1 percent increase in condo prices. That translates into a median single-family home selling price of $280,000 and $160,000 for condos and townhomes. That compares with a historical average of 5 percent annual appreciation. All this activity and you’d think you were in Dallas.
Head over to SecondShelters.com for more on the Las Vegas real estate heatwave.
