Las Vegas Real Estate Market Trends And Forecast 2019
The Hottest Las Vegas Real Estate Market Insight
If you’re keen to invest in your future in the Las Vegas real estate and buy before prices become out of reach, you must peruse till the end. The Las Vegas real estate market is as hot as the desert heat in Nevada and the time to buy a Las Vegas property is now. The first half of 2018 saw a huge increase in the demand for housing in Las Vegas, Nevada. The high demand was followed by an increase in population, as well as an overall improvement of the economy in the area. All these factors have had a huge impact on the Las Vegas real estate market, which is considered one of the hottest markets in the US at the moment.
Las Vegas has experienced several booms in its history. And it saw an incredible real estate bust during the Great Recession. Las Vegas’ recover hasn’t made the same headlines as the 50% or greater declines in home values did a decade ago. Yet its recovery shouldn’t keep investors away. For savvy investors, the Las Vegas real estate market is both stable and predictable. In 2018, the Las Vegas housing market was the hottest in the United States. For buyers looking at relocating and buying property in southern Nevada, the Las Vegas real estate market 2019 offers a great opportunity for finding your dream home. Las Vegas is the destination point of millions of visitors, the town is famous for its vibrant nightlife, exciting gaming action, and the natural allure of the beautiful desert that surrounds the greater metropolitan area. Let’s take a close look at the Las Vegas housing market predictions 2019 and find out why to invest in this sturdy market.
Las Vegas Real Estate Market Forecast 2019, 2020 & 2021
The median home value in Las Vegas is $273,500 on Zillow. Las Vegas home values have gone up 11.7% over the past year and the Las Vegas real estate market prediction is that they will rise 8.1% within the next year. The Las Vegas real estate forecast shows that there are so signs of slowing down the market in 2019. The median list price per square foot in Las Vegas is $168, which is lower than the Las Vegas-Henderson-Paradise Metro average of $168. The median price of homes currently listed in Las Vegas is $299,884 while the median price of homes that sold is $282,000. The median rent price in Las Vegas is $1,460, which is lower than the Las Vegas-Henderson-Paradise Metro median of $1,480.
Las Vegas was named as the number one real estate market in USA for 2018 by Realtor.com based on the price and amount of existing homes, new home construction and local and economic trends. In the past year, Las Vegas housing market was rising fast even though there was low availability of homes and a very high demand. Although home prices are rising at one of the fastest rates in the country, Las Vegas home builders are selling the most houses in incredible numbers.
LittleBigHomes.com publishes forecasts for the trend in home prices in 380 Metropolitan Statistical Areas. The forecast for the Las Vegas housing market for the 12 months ending with the 3rd Quarter of 2019 is up (positive). The Accuracy of the Trend Projection for Las Vegas is 79%. Accordingly, they estimate that the probability for rising house prices in Las Vegas is 79% during this period. If this Housing Market Forecast is correct, home prices will be higher in the 3rd Quarter of 2019 than they were in the 3rd Quarter of 2018. Check this page each quarter for updates to the Las Vegas Real Estate Market Forecast.
Las Vegas Housing Market Forecast 2019 – 2021
The forecast for the trend in the Las Vegas housing market for the 3 years ending with the 3rd Quarter of 2021 is up. The Accuracy of the Trend Prediction for Las Vegas is 71%. Accordingly, LittleBigHomes.com estimates that the probability for rising house prices in Las Vegas is 71% during this period. If this Housing Market Forecast is correct,
home values will be higher in the 3rd Quarter of 2021 than they were in the 3rd Quarter of 2018. Check this page each quarter for updates to the Las Vegas Real Estate Market Forecast.
Las Vegas Real Estate Market Trends
In 2018, the Las Vegas housing market was so hot that it outperformed best US housing markets like Seattle. The current Las Vegas real estate market trends indicate an increase of $23,000 (9%) in median home sales and a 0% rise in median rent per month over the past year. The average price per square foot for this same period rose to $161, up from $144. Trulia has 8,027 resale and new homes for sale in Las Vegas, including open houses, and homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
The Las Vegas real estate market is entirely brimming with new businesses. It’s friendly business environment is propping up the economy and helping towards the positive Las Vegas real estate market trends for 2019. The new businesses are propping up at a much faster rate than the national average. Las Vegas home values reported the highest year-over-year gains in home values, totaling a 13 percent increase, according to the S&P’s Corelogic Case-Shiller Index in 2018 (the leading measure of U.S. home prices).
The median sales price for homes in Las Vegas for Nov 7 to Feb 6 was $275,000 based on 5,483 home sales. Average price per square foot for Las Vegas was $161, an increase of 12% compared to the same period last year. The median rent per month for apartments in Las Vegas for Jan 12 to Feb 12 was $1,500.
As per the real estate company named Redfin, the Las Vegas housing market is very competitive. Las Vegas had the nation’s highest price growth, rising 11.9% since last year to $277,620. Homes in Las Vegas receive 2 offers on average and sell in around 44 days. The average sale price of a home in Las Vegas was $265K last month, up 9.5% since last year. The average sale price per square foot in Las Vegas is $157, up 12.1% since last year. Homes for sale in Las Vegas, NV typically receive 2 offers. Homes sell for about 2% below list price and go pending in around 44 days. Hot Homes in Las Vegas can sell for around list price and go pending in around 17 days.
Las Vegas Housing Market Summary
- Median Sales Price: $275,000 (On Trulia)
- Price Per Square Ft: $161
- Homes For Sale: 8,027 (Trulia)
- Median Rent Per Month: $1,500
- Median Household Income: $52,727
- Home Owners: 61%
- Single Residents: 33%
- Median Age: 36
- College Educated: 25%
- Transportation: Mostly Car dependent, Public Transport Available
There are 8,902 homes for sale, ranging from $12.5K to $30M on Realtor.com. 1,242 of which were newly listed within the last week. Additionally, there are 2,202 rentals, with a range of – to $25K per month. In December 2018 the housing market in Las Vegas, NV was a buyer’s market, which means there were roughly more active homes for sale than there were buyers. Buyer’s markets are generally more advantageous for buyers rather than sellers. Homes in Las Vegas sell faster than average compared to other cities in Clark County.
In December 2018, the median list price of homes in Las Vegas, NV was $288K, trending up 4.7% year-over-year. The median listing price per square foot was $166. The median sale price was $287.5K. Homes in Las Vegas, NV sold for 2.89% below asking price on average in December 2018. It takes an average of 41 days on market for a home to sell in Las Vegas.
There are 422 schools in Las Vegas, NV. There are 195 elementary schools, 76 middle schools, 70 high schools and 81 private & charter schools.
The median list price in Las Vegas is $305,000 on Movoto.com. The median list price in Las Vegas was less than 1% change from February to March. Las Vegas’s home resale inventories is 6,961, which increased 0 percent since February 2019. The median list price per square foot in Las Vegas is $170. February 2019 was $170. Distressed properties such as foreclosures and short sales remained the same as a percentage of the total market in March.
Las Vegas, NV Single Family Homes
As per the data from the real estate company called Neigborhoodscout.com, the median cost of homes in Las Vegas is $266,535. Las Vegas real estate prices are well above average cost compared to national prices. Single-family detached homes are the single most common housing type in Las Vegas, accounting for 60.96% of the city’s housing units. Other types of housing that are prevalent in Las Vegas include large apartment complexes or high rise apartments ( 24.39%), duplexes, homes converted to apartments or other small apartment buildings ( 8.69%), and a few row houses and other attached homes ( 4.70%).
The most prevalent building size and type in Las Vegas are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 51.38% owning and 48.62% renting.
Las Vegas Foreclosures And Bank Owned Homes
Nevada was at the nexus of the 2007 housing crash. Nevada spiraled to the second highest foreclosure rates in the nation, after New Jersey, with upwards of a quarter of Nevada mortgages underwater. In Las Vegas 1.4 homes are foreclosed (per 10,000). This is the same as the Las Vegas-Henderson-Paradise Metro value of 1.4 and also greater than the national value of 1.2. The percent of delinquent mortgages in Las Vegas is 1.2%, which is higher than the national value of 1.1%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Las Vegas homeowners underwater on their mortgage is 7.2%, which is higher than Las Vegas-Henderson-Paradise Metro at 7.1%.
On RealtyTrac, there are currently 2,472 properties in Las Vegas, NV that are in some stage of foreclosure (default, auction or bank owned) while the number of homes listed for sale on RealtyTrac is 6,791. In January, the number of properties that received a foreclosure filing in Las Vegas, NV was 13% higher than the previous month and 6% higher than the same time last year. Home sales in Las Vegas, NV for December 2018 were up 0% compared with the previous month, and down 100% compared with a year ago. The median sales price of a non-distressed home in Las Vegas was $0. The median sales price of a foreclosure home in Las Vegas was $0, or 0% higher than non-distressed home sales.
- Foreclosures in Las Vegas = 2,472
- Homes for Sale = 6,791 (RealtyTrac)
- Recently Sold = 4,702
- Median List Price = $175,000 (1% drop vs Dec 2017)
Las Vegas Home Prices And Appreciation Rates
Appreciation rates for homes in Las Vegas have been tracking above average for the last ten years. The cumulative appreciation rate over the ten years has been 27.81%, which ranks in the top 30% nationwide, according to NeighborhoodScout’s data. This equates to an annual average Las Vegas house appreciation rate of 2.48%. Appreciation rates are so strong in Las Vegas that despite a nationwide downturn in the housing market, Las Vegas real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Las Vegas appreciation rates continue to be some of the highest in America, at 16.48%, which is higher than appreciation rates in 99.76% of the cities and towns in the nation.
Based on the last twelve months, short-term real estate investors have found good fortune in Las Vegas. Las Vegas appreciation rates in the latest quarter were at 3.22%, which equates to an annual appreciation rate of 13.54%. Importantly, this makes Las Vegas one of the highest appreciating communities in the nation for the latest quarter, and may signal the city’s near-future real estate investment strength. Relative to Nevada, their data show that Las Vegas’s latest annual appreciation rate is higher than 70% of the other cities and towns in Nevada.
10 Highest Appreciating Las Vegas Neighborhoods Since 2000: By Neigborhoodscout.com
There are 75 neighborhoods in Las Vegas. Rancho Oakey has a median listing price of $450K, making it the most expensive neighborhood in Las Vegas. Pioneer Park is the most affordable neighborhood in Las Vegas, with a median listing price of $195K. The Downtown East section of town, not to be confused with Downtown Las Vegas, is a highly economical place to live, which features prices that are the polar extreme of typical Las Vegas prices to live.
These are the best neighborhoods in Las Vegas for real estate investment because they have the highest appreciation rates.
10 Reasons To Invest In The Las Vegas Real Estate In 2019 & 2020
Is a Las Vegas investment property still a decent real estate investment? If you are looking to buy Las Vegas investment properties, then you must read this. These things make Las Vegas real estate market stand out when it comes to choosing a place to invest in 2019 and beyond. Las Vegas real estate market provides an excellent opportunity for investors and home buyers.
Homebuyers and investors in Las Vegas are expressing confidence in the stable housing prices and the number of available housing units on the market. New businesses are actually being created at a much faster rate than the national average. Las Vegas rental properties near these new businesses will benefit greatly due to increasing tenant pool and the general improvement in economic activity that they bring.
We have already discussed the Las Vegas housing market forecast for answers on why to put resources into this robust market in 2019.
Here are a few evidence-based reasons why to invest in the Las Vegas investment properties for cash flow.
1. Prices Are Low Relative to Recent Highs
There have been articles claiming that Las Vegas is ready for another bust. However, prices are actually declining somewhat as new housing stock comes onto the market. This explains why the inventory of unsold existing homes doubled at the end of 2018. Yet the demographic trends that keep the Las Vegas housing market so hot aren’t stopping. This means that the Las Vegas real estate market is seeing a lull with a guarantee prices will start to rise. The Las Vegas housing market 2019 is a great place for a real estate investment. It remains relatively affordable than the expensive seller markets in the US.
2. Deals Remain Available
When people lose their jobs in great numbers, home prices crash as they did in Las Vegas a decade or so ago. Homes went from an average price over $300,000 to less than $150,000. Home prices have recovered, though due to inflation, they remain well below historic peaks. Likewise, Las Vegas foreclosure rates have fallen but they remain high by national standards. Around one in a thousand homes is foreclosed on each month.
3. Renters Remain Locked Out of the Housing Market
While homes are being built, many people are unable to afford them. This is because the developers who survived the Great Recession are maximizing their profits by building luxury homes, not the affordable homes that the many want. For those who can afford Las Vegas investment properties, this guarantees a large rental population that isn’t going to be able to afford the new upscale properties that are coming onto the market.
4, Nevada Is the Ultimate, Low Tax Locale
While those who own Las Vegas investment properties will need to pay their mortgage if they don’t pay cash for the property and ongoing expenses like maintenance and insurance, Nevada offers very low taxes. There is no state income tax. The average overall property tax rate is just under 1%. The state property tax is 0.77%, while the county property tax is rarely above 0.25%. For example, the total Clark County property tax bill is 0.96%, yielding a $2400 property tax bill on a $250,000 home.
5. Geography Limits How Much Las Vegas Can Expand
The wide open deserts around Las Vegas actually constrain the Las Vegas real estate market. The federal government owns the vast majority of the state. The Clark County government asked the federal government to allow them to take over 38,000 acres of land and start building housing. The Nevada Congressional delegation has to ask the Bureau of Land Management, and they may take years to give their permission if they ever do. This means that Las Vegas is surrounded by a lot of open land, but it cannot simply expand to meet demand. This will continue to drive up prices in the Las Vegas housing market.
6. Housing Prices Are Rising Slowly but Surely
We don’t think the Las Vegas housing market is set up for a bust because it isn’t overheating. For example, the median single family home’s price was just under $300,000 in the summer of 2018, a 3.2% increase over the prior year. That’s a healthy growth rate, whereas double digit price increases are unhealthy. This rate is actually skewed up by the number of new luxury homes coming onto the market and the constant churn at the high end of the market.
7. Rents Are On the Rise, Too
During the Great Recession, Las Vegas went from a fifth of its residents renting to nearly two fifths. As the job market and personal credit improved, the area is back to having around 19% of residents rent. However, rents are on the rise. The average apartment rents for around a $1300 dollars, whereas the 2008 rental rate was around $900. You can of course charge much more for a three or four bedroom single family home than an apartment.
Unlike some areas, the Las Vegas housing market isn’t going to see a sharp decline in rents due to new construction. The vacancy rate for apartments was around 7% at the end of 2018. This rate is skewed by the large number of luxury apartments sitting vacant while affordable units are snapped up.
Wages in the area, for example, haven’t risen in tandem with housing prices, pushing many to rent whatever properties they can find that fits their budget. This may prevent prices in the Las Vegas real estate market from going too high but won’t prevent them from rising along with the rate of inflation.
8. California’s Loss Is Nevada’s Gain
A $300,000 median price may be steep if you’re coming from the heartland where a mid-market home costs $150,000 to $200,000. However, tax refugees from California flooding into Nevada find that same house to be an outright bargain compared to the $600,000 price for a comparable property in Los Angeles. Southern Nevada is one of the cheaper metropolitan areas in the United States, and it is a fraction of the cost of living in California on nearly every front.
This explains why you see so many California license plates in Vegas and why it costs $120 to rent a moving truck to go from Vegas to San Francisco but $2000 to come to Las Vegas.
As per the data by Lasvegasrealestate.org, the luxury home market has really expanded as 30% of buyers are moving from California to take advantage of Las Vegas’ low cost of living. Even the most expensive custom homes from builders such as Blue Heron are found to be a bargain for out of state buyers and investors. Possibly are second largest market is retiree buyers in 55+ Communities and enjoying the weather, health care and activities that only Las Vegas can combine in one city at a value not matched in any major city anywhere in the USA.
9. Las Vegas Is Landlord Friendly
Unlike many other Western states, the Las Vegas real estate market is landlord friendly. It isn’t difficult to evict non-paying tenants from Las Vegas investment properties. In general, they have five days from the date rent is due to “cure” the problem or eviction can begin. The same time frame is used to correct issues like lease violations, after which the person can be evicted. After those five days, the case can go to courts, and these are landlord friendly.
Rulings typically arrive same day, after which point the tenant has one day to leave the premises. Landlords don’t have to pay interest on deposits. There are no limits on late fees, though the late fees due must be spelled out in the rental agreement. There is no payment grace period set by state law. All of this adds up to the Las Vegas real estate market being a paradise for landlords.
10. The Job Market Attracts People
The Las Vegas job rate has ranged half a point to a full point above the national unemployment rate. However, that’s better than the unemployment rate in Arizona, Salinas, or the San Fernando Valley. And it is places like that sending de facto refugees to Las Vegas. The diverse economy of Las Vegas includes low skill but good paying jobs in entertainment, hospitality and services.
Every job killing regulation in California drives businesses to Oregon and Nevada, too, taking jobs with them. This explains why future job growth for the next ten years is expected to be nearly 40%, well over the 33% expected for the nation as a whole. A growing supply of jobs will propel demand for the Las Vegas housing market.
Las Vegas Real Estate Investment Properties
Maybe you have done a bit of real estate investing in Las Vegas, Nevada but want to take things further and make it into more than a hobby on the side. It’s only wise to think about how you can and should be investing your money. If you invest wisely, you could secure your future. If you are a beginner in the business of cash flow real estate investing, it very important to read good books on real estate.
Most investors naturally gravitate to residential property investment. When looking for the best real estate investments, you should focus on markets with relatively high population and employment growth. Both of them translate into high demand for housing. If housing supply meets housing demand, real estate investors should not miss the opportunity since entry prices of homes remain affordable.
You must also collaborate and learn from savvy real estate investors who have retired early on in their lives by investing in some of the best real estate markets like Las Vegas, NV. Las Vegas is a shining beacon in the desert for those fleeing California or simply hope to make it big. Many others simply come to earn a living serving the many tourists who visit here each year or work at the firms relocating to this tax haven. All of this gives the Las Vegas real estate market a bright future.
According to the PwC’s annual real estate report, the Las Vegas housing market 2019 will enjoy a population growth rate that is well above the national growth rate. This is actually a continuing trend as data from the US Census Bureau shows a net migration of 6.46% from 2012-2016. This earned the Las Vegas real estate market a spot among the best places that people were moving to in 2018. It’s clear the city will hold this title well into 2019 according to the forecast.
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Buying an investment property is different from buying an owner-occupied home. Our Las Vegas investment properties are designed to make money as rentals, which means you must look at it solely as an income producing entity just like any other business. These are“Turnkey Cash Flow Investment Properties” located in some of the best neighborhoods of Las Vegas.
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Apart from the Las Vegas real estate market, you can also invest in Grand Rapids, MI. Detroit may have once been the poster-child for Michigan, the truth today is that Grand Rapids is leading the way. Its diverse, growing economy is fostering a steadily growing population and strong housing market that are one of the best in the country for mid-sized cities.
Different neighborhoods of Grand Rapids, MI have different aspects at play but for the most part you are able to have a quality house to rent out. And if you decide to flip it in the future, you are likely going to get a favorable return on investment with the property you purchase, no matter the location in the city.
A side benefit of the strong job market has been the growth of local incomes relative to rent; in 2016, the rent as a fraction of income ratio was nearly 18%. This means that rents in the Grand Rapids real estate market haven’t gone up as fast as incomes but can therefore go up faster. Median monthly rate hovers around $800 a month, but you’ll get far more for single family Grand Rapids rental homes. Median gross rent hit $900 in 2017. This is a far better rental rate than you’d see if you bought those Detroit homes on the market for $100 or the back taxes.
Another market that we suggest is the housing market in El Paso, TX. El Paso housing market is affordable with several large renter populations. Demographic growth and job growth are attracting residents to a market that can’t grow with demand, and that makes it an excellent opportunity for investors. The average pay is well below the American average income, but houses are cheaper, too. For example, El Paso was the only city to hit a Realtor.com list of most affordable metropolitan areas. However, that doesn’t mean there isn’t high demand for El Paso rental houses.
The median rent here is around $800 a month. You could see significant ROI on rental homes in premium areas, since an apartment rental in the better areas fetch around $1600 a month. For example, El Paso rental houses near the Mountain View command higher rates because they are home to military families and retired Army personnel who pay to be close to work and military medical facilities.
One of our investment specialists will get in touch with you to discuss all facets of searching for, buying, and owning a turnkey investment property.
*Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, the Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.
Prices at a low, inventory of unsold
Renters locked out
Rent on the rise
Source of $1300 monthly rent rate
Market Data, Trends and Forecast https://www.zillow.com/lasvegas-nv/home-values https://www.littlebighomes.com/real-estate-las-vegas.html https://www.neighborhoodscout.com/nv/las-vegas/real-estate https://www.movoto.com/las-vegas-nv/market-trends https://www.movoto.com/guide/las-vegas-nv/las-vegas-real-estate-market-trends https://www.redfin.com/city/10201/NV/Las-Vegas/housing-market https://www.trulia.com/real_estate/Las_Vegas-Nevada/market-trends https://www.realtor.com/realestateandhomes-search/Las-Vegas_NV/overview https://www.realtytrac.com/statsandtrends/foreclosuretrends/nv/clark-county/las-vegas https://www.mashvisor.com/blog/las-vegas-housing-market-2019 https://www.lasvegasrealestate.org