2019 ended on a high note for real estate and the local economy in general. Here are some quick facts:
– Las Vegas unemployment rate last reported at 3.7% (bls.gov)
– Overwhelmingly positive economic growth through 2019
– Interest rates remained low throughout the year, with minor fluctuations
– Average home prices hovered around $300,000 throughout the year, reaching just under $315,000 toward the end of 2019.
– Inventory for resale and rental homes remains tight
With the economy moving in a positive direction and rental inventory remaining slim, we can expect the rental market to remain strong with moderate growth. The year 2020 is a year filled with exciting developments in Las Vegas but is not the end of the multi billion dollar investments that are planned and progressing. These investments and developments span beyond 2020. Thus, we can expect more growth in various economic sectors which will add strength to the already strong real estate market.
Contributed by Nicklin Property Management.