There’s no stopping the phenomenal rise of the Las Vegas real estate market despite the ongoing pandemic. Las Vegas even managed to absorb the pandemic’s blows on its tourism sector — the primary industry that fuels its economic machinery.
The Las Vegas market also registered phenomenal sales increases on a monthly basis, as well as strong annual growth. October 2021 figures from LasVegasRealtor.com show a 22.32% year-on-year increase to a median sold price of $450,000 among single-family homes. Condos and townhomes, meanwhile, registered a median price of $240,000 in the same period.
Now, the question is this: Given all these conditions, can the Las Vegas real estate market sustain its upward momentum?
Experts and close market observers cite the following trends to look at:
A “cooler” market
Most experts note that the local market has been quite an overachiever compared to markets in other large cities. However, this scorching-hot run is bound to correct itself as buyers begin to relegate themselves to the sidelines during the holidays and the start of the new year. Interest rates are also anticipated to rise by the coming year, given the better economic conditions.
The correction has, in fact, begun with the lesser number of single-family homes sold in October (down by 4.1%) from the previous month. Home prices are still bound to increase, although at a more moderate pace.
Better economic conditions, lower unemployment rates, vaccine rollout
These three factors are bound to create an impact on the Las Vegas housing market as the improved COVID response and the vaccine rollouts have resulted in the steady reopening of the state’s economy. As more businesses resume, more jobs are generated, leading to a lower unemployment rate and more people regaining their purchasing power. Among these people are those whose home-buying plans were pushed to the side by the pandemic. These individuals are seen to add to the demand for available real estate in the coming year.
More people coming in to purchase or rent Las Vegas properties
There’s no denying the attraction of Las Vegas, not just as a hub of entertainment and recreation but also as an area with properties that are not as exorbitantly high as those in other bustling cities. Moreover, the added perk of not being required to pay income taxes in the state is one that’s hard to resist.
Luxury homes will remain as the hottest items in the Las Vegas housing market
Las Vegas luxury real estate took the lead among the most sought-after properties here — and it’s not difficult to see why. There simply is so much variety in the kinds of luxury homes to choose from. Whatever your preference in a home is — security, scenic views, special amenities like pools, resort-style surroundings, access to parks and trails, or access to The Strip — you’ll get exactly what you want here and more!
The interest in Las Vegas luxury homes is expected to continue up to the new year as people from out of state still see the attraction of coming here not only for the remarkable array of luxury home options but also for the lower cost of living and the wonderful weather.
Be updated on the latest trends in the Las Vegas real estate market by consulting with a Realtor with 20 years of experience dealing in the local industry — that would be me, Anthony Romeo. Call me at 702.353.6759 or send me an email at Anthony(at)RomeoLuxury(dotted)com to discuss your options.