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.
Steve is the founder of Nicklin Property Management & Investments, Inc. His experience in property management and as a real estate broker exceeds 30 years.