Las Vegas and Henderson Rental Housing Market Articles

September 2018 – As summer bids farewell, the Las Vegas market is seeing a cooling trend after months of steady appreciation at one of the fastest rates in the country. This is in line with national trends. Inventory for resale homes has increased and the rush of buyers has diminished some. In addition, with school starting, interest rates rising and the seasonal slowdown beginning, the market is starting to level off some. A recent report by the Greater Las Vegas Association of Realtors still showed average price appreciation during the month of August, with a single family home appreciating from an average sales price of $290,000 in July to $295,000 in August. As we head into fall and winter, we can expect inventory to be slightly higher and homes remaining on the sales market longer. Rental properties have likewise seen steady appreciation this summer, with high demand and limited inventory. Average sized homes specifically have seen the most considerable increases, being the most in demand due to price point and size preference. As the season changes, though, we can expect a more level market.

Increases in the local market are being felt by investors who are now eyeing multi family properties to achieve a greater return as well as properties in need of significant repairs and maintenance, though these are in more limited availability. Older properties that perhaps were overlooked are now being considered more and as a result, seeing price appreciation.

The Las Vegas economy has thrived in recent years and the drive to invest, manufacture and diversify the economy is playing a role in property appreciation.

January 2018 – As 2017 came to a close, it was apparent that the local housing market was in demand, yet, not much inventory was available. This led to price appreciation and competition with resale homes and new homes seeing high demand and higher pricing. The average resale home sold for nearly $270,000 on average and new homes closer to $370,000. Rents have been rising consistently as well, with the highest appreciation seen in smaller homes, up to 2000 square feet. Most have averaged close to $1400 per month.

The projection for 2018? Analysts predict a continued upward trend. While resale inventory may increase throughout this year, demand is still strong. The same applies to rental homes. Forecasts are showing that the Las Vegas market will show the strongest appreciation in the country throughout the year. This growth is being fueled by a number of factors, such as strong job growth, educational opportunities and a still lower cost of living compared to other western cities. As a result, Nevada has been one of the most popular states to relocate to during 2017 from other parts of the country. This has certainly been seen in the Las Vegas area. Population growth has fueled infrastructure improvements, mass transit discussions and a number of large projects in both the commercial and industrial sector. It has also led to thousands of new homes being built year over year along with multi family projects popping up across the valley.

As the economy expands, we can expect positive growth throughout the year.