Las Vegas has always been progressive. The Entertainment Capital of the World is the site of renowned companies like MGM Resorts International, Caesars Entertainment Corporation, Station Casinos and Red Rock Resorts.
The city is a favorite migration place for those living in Los Angeles. The Las Vegas Valley is Americans’ second top choice for interstate migration after Sacramento. Residents enjoy prosperity borne of Las Vegas’s vibrant economy, care of casinos, shopping outlets, live concerts, variety shows and others. The benefits trickle down to the robust housing market characterized by surging demand and higher values.
Will this continue in 2024? This real estate market forecast answers the question.
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The return of home sellers
Sellers who kept a low profile, will return. Those with new jobs, or who prefer a more affordable place, are included here. Baby boomers who want to downsize will also turn to Las Vegas for their housing needs. They will raise the current supply of homes for sale to 30 million units.
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Stabilization of mortgage interest rates
Rates hit the highest level in October 2023, but declined the next month because of a softening labor market and economic downturn. Such fluctuations will vanish by the second half of 2024, when mortgage rates are expected to stabilize.
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Increase in number of house hunters
Homebuyers were reluctant to pursue their dream when interest rates rose to an all-time high in 2023. But mortgage demand increased when interest rates declined in November. Easing inflation and stable rates combined will bring homebuyers back.
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Continuous rise in home prices
Experts expect this trend in top metro cities like Las Vegas to continue until the low supply-high demand for homes situation changes,
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Sales from new home constructions will rise
Home builders and sellers will try to outdo each other in getting buyers. That’s because builders dangled a whopping $30,000 worth of concessions to get buyers this year. The rise in the number of those buying new houses will add to this sales boom.
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Continuous low ball offers from iBuyers
iBuyers will continue making offers a lot lower than the seller’s asking price. They will do this to survive.
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Competitive housing market
Despite a rising supply of homes, the market will remain competitive due to strong employment, population increase, and limited land availability. More people, attracted to Las Vegas’ booming entertainment, gaming, technology, healthcare, and education options, will buy a home in the city.
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Appreciation potential
History has shown that the city’s real estate market is characterized by growth in property value. This trend will continue as Las Vegas goes on expanding, enabling long-term investors to gain even more opportunities.
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Less days on the market
The rise in the number of those buying homes will lower a house for sale’s median days on the market. This will lead to faster sales and return on investment.
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The rise of artificial intelligence
AI and its visual and multimodal properties, will make the home search experience richer and more engaging.
Need a more detailed real estate forecast to guide you? Get in touch with Las Vegas Realtor, Anthony Romeo. Call 702.353.6759 or contact him here.