December 2020 Las Vegas Real Estate Update
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.
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