The real estate market in Las Vegas continues to defy expectations. With inventory slim and buyers in full ready-to-buy mode, prices are rising. The median single family home sold for $405,000 in July 2021. Most properties are selling quickly too, especially when priced less than $400K. We are seeing about a 20% year over year appreciation in the valley, and there appears to be no stopping this train. While the pandemic continues to exact its toll on the economy to a certain extent, real estate seems almost immune.
Of course, affordability is the next point of discussion. Already, many are being forced into making compromises because of this spike in price. Some are choosing to look into smaller homes or consider condo’s or town homes due to their still relatively lower price point, though prices are rising steadily on those properties as well. Others are deciding to rent and wait it out, however, rent prices are sky rocketing as well. And thus this creates a dillema.
This significant increase in housing is causing some to move in with others, such as family. Others are simply packing up and moving to areas less expensive. The next couple of years will no doubt show a migration of individuals to more affordable housing spots, especially as more work is done remotely.
In the meantime, homeowners and Landlord’s are the ones benefitting from significant property and rental appreciation with no end in sight.