As the economy twists and turns during this pandemic, the Las Vegas real estate market is seemingly immune – so far. Properties are selling at record prices and rental homes continue to be in demand for tenants while maintaining strong rental rates.
Last month (September 2020), brand new properties averaged a median sales price just over $411,000 (Home Builders Research) – a new record! Meanwhile, the resale market in Las Vegas has continued to impress, setting another record as well. During the month of September 2020, resale homes averaged $337,250 (Las Vegas Realtors).
As in prior months, a very low interest rate contributed to the Las Vegas housing market appreciating as did a lower than normal inventory of available homes.
As of the beginning of this month, though, showings of tenant occupied homes and open houses are permitted again (previously restricted due to Governor imposed mandates – now allowed with some restrictions and safety measures), giving sellers more flexibility to sell their homes. How this will affect available inventory and price point into future months has yet to be seen. Currently, the unemployment rate in Las Vegas continues to be a concern as tourism struggles with hotels and supporting businesses seeing the effects of the pandemic. However, low interest rates appear to be here to stay at least for the foreseeable future.
How all of this will mix together is yet to be seen and no doubt, many are watching the market closely.