Las Vegas and Henderson Rental Housing Market Articles

Aerial view of residential neighborhood in northwest Las Vegas, Nevada.

The Las Vegas real estate market is on fire. There is no doubt about it! A shortage of inventory continues to drive prices up as home buyers wish to take advantage of low interest rates. As a result, March 2021 was another record setter.

Average price of a single family home sold: $363,000 (according to Las Vegas Realtors)

Average price of a condo / town home sold: $194,000 (according to Las Vegas Realtors)

Single family homes are up nearly 14% from last March (2020).

As of right now, appreciation in the market appears to be a sign of things to come. While home builders are adding inventory, it is limited compared to buyer demand and a lack of new resale inventory is keeping supply short. Additionally, as Nevada plans to end COVID restrictions beginning June 1, we expect there to be a strong economic reaction as tourism is expected to increase and further reduce unemployment.

The Las Vegas real estate industry appears to be poised for growth and appreciation over the coming months.

Older style North American home possibly from the 1920’s or 30’s.

Las Vegas is renowned the world over for having the latest in technology and architecture. It’s out with the old and in with the new. This has been seen over the decades, particularly with hotel and casino’s. Spectacular demolitions of older properties on the Las Vegas strip to build bigger and fancier mega resorts. Even commercial and residential spaces over the years have had a similar fate. However, if your looking for something mid century or historical, you still have options in Las Vegas!

Did you know – there are properties for sale built prior to 1940? Even 1930! As a matter of fact, you can get a property built in 1925! There is one available for sale as of today (3/19/2021). If your looking for something more mid century, you have more options. There are a number of neighborhoods that are still recognized and popular among many that have that charm.
For example, the Huntridge neighborhood in the downtown Las Vegas area is one of them. So is the Scotch 80’s neighborhood, dating back to the 1950’s. The Scotch 80’s neighborhood has had notable figures over the years living in them, such as former mayor Oscar Goodman. All in all, there are over 200 properties within Las Vegas city limits for sale built between 1940-1970.

Even if you don’t want to go that old on a house, you can get different styles in 1970/80’s built homes, which are plentiful. Many long time Las Vegas residents remember when Spring Valley was up and coming. Spring Valley has patio homes, condo’s and single family homes of all different styles. Driving through it takes you to a different time period in Las Vegas, perhaps one you remember fondly. You may even have the itch to make it your future home. If so, there are options.

So, if your looking for some history and unique style, don’t cross off Las Vegas. Just take a closer look the next time your shopping for a home and you might be surprised.

Panorama of Las Vegas, Nevada, USA

The Las Vegas real estate market continued to see appreciation and demand as prices hit a new record high – a median sales price of $355,000 in the month of February 2021. As in previous months, low inventory and interest rates contributed to the rise in real estate values.

Is inventory expected to rise anytime soon? That’s difficult to tell. For month’s, it was expected that inventory would eventually rise, potentially curbing the drastic increase in real estate values. However, as spring approaches, the Las Vegas housing market continues to have a record low of available homes for sale. Especially is that true of properties under $300,000.

A quick search of local Multiple Listing Service here in Las Vegas reveals only about 1000 currently available homes up to $300,000! That includes condo’s and town homes. If you remove those and only look at single family homes, you end up at 382 homes throughout the entire Las Vegas valley, which includes North Las Vegas, Henderson and Boulder City! It is very apparent that inventory remains low, leading to bidding wars in that price range.

In total, the Las Vegas, Henderson, North Las Vegas & Boulder City housing market has less than 2000 single family homes in all price ranges. Total inventory including condo’s and town homes is 2687. As long as inventory and interest rates remain this low, coupled with current demand, we can expect prices to increase at a modest rate, which is what most expect throughout 2021.

If your looking for an experienced Realtor to help you navigate the real estate market, contact our Investor Team Sales Division at 702-755-5131.

Spectacular shot of Las Vegas suburbs sprawling across the Mojave desert. Real estate properties fill up the arid terrain leading up to the city of Las Vegas.

The Las Vegas real estate market continued to exhibit resilience amidst COVID restrictions, high unemployment and a re-instituted eviction moratorium (though this one is more specific and different than the previous one). The median price of a single family home was $345,000 according to the Las Vegas Realtors association. Year over year, this was a 10% increase in values, an extraordinary feat considering the type of year 2020 was.

Yet again, limited inventory coupled with record low interest rates motivated investors and first time home buyers to take advantage.

What does 2021 hold in store?

Time will tell. However, the outlook appears to have appreciation in store – at least for now. The market appears to have relative stability, interest rates are projected to remain low and inventory remain tight. As a matter of fact, the Las Vegas Realtors association reported just over 3,000 houses with no offers ending the year. Many buyers are coming from out of state, such as California, and purchasing properties in Las Vegas. Home values are expected to continue to rise throughout the year, which is good news for homeowners and landlords. For folks looking to buy, they will have to be prepared, determined and aggressive to find a home.

Reflecting on 2020 and what it meant for real estate in Las Vegas

As we transition to a new year, we look back on a year that is, by all standards, far from any norm for any of us. While the year started on a “normal” note, it quickly changed to one of mask wearing and economic instability all amidst a rising housing market. Really, it has defied all expectations. And it has made society adjust to a new normal.

At the same time, it has created opportunity. Opportunity for homeownership for many due to a declining interest rate. Buyers are eager to find a property, yet inventory is limited and prices are consistently rising, hitting new records. This in itself has defied logic due to the ongoing pandemic.

As Las Vegas reels from the sudden economic impact of COVID, it is encouraging to see homeowners help tenants who were affected by the fallout of the pandemic by reducing rent and express a genuine concern for their well being. Kindness has been demonstrated by many.  Property management took on a more personal approach for many landlords – something that many never counted on. Yet, the challenges experienced and subsequent reactions by both landlords and tenants have gone a long way in reducing hardships.

What a year it has been. We hope you and your family stayed healthy and safe and continue to do so. Until next year.

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Sunrise at Red Rock Canyon in Nevada.

Another month. Another record. Despite a pandemic and struggling economy, the Las Vegas housing market continues to rise and remain in demand. November 2020 saw yet another record in the median price of a single family home – $345,000 according to the local Las Vegas Realtors Association.

As in previous months, inventory remained low with under 4000 available homes for sale on the local MLS. This, coupled with interest rates remaining low, has continued to fuel demand. Homes under $350,000 are selling quickly and condominiums are also a popular option, being priced lower than single family homes. However, even condominiums are a far cry from the price point of a few years ago.

As we turn the corner into 2021, we will have to wait and see how inventory will play a role in the current upward trend of the market. Will homeowners look to sell? And how will the newly implemented eviction moratorium, which is in effect through May 2021, affect the market?

Those are questions that only time will answer. In the meantime, homeowners and landlords are excited to see significant appreciation with their properties.