SPOTLIGHT ON LAS VEGAS REAL ESTATE

 SPOTLIGHT ON LAS VEGAS REAL ESTATE

When visiting or revisiting Las Vegas, one can't help but be fascinated by the dazzling nature of this place. Its attractions play a large part, of course, but the city's characteristics, amenities, and standard of living also contribute to its image. Those who have chosen to live here affirm loud and clear that Las Vegas is undoubtedly one of the most beautiful cities in the world.

Despite the widespread popularity of the so-called "city of sin," no one can forget that Las Vegas was affected by the 2008 recession. While many major American cities were on the brink of collapse, jobs and the huge inventory of properties for sale in Las Vegas disappeared, and foreclosures increased. Since the Great Recession, Las Vegas has grown again, reaching the status of an American city where the demand for luxury properties continues.

Las Vegas Real Estate Market Status

In 2018, the American website realtor.com hailed Las Vegas as the number one city in the American real estate market. A feat never before achieved.

According to Salestraq , a Las Vegas real estate research company, 184 homes over $1 million were sold in Las Vegas in the second half of 2017, compared to 139 properties during the same period in 2016.

However, 2018 saw both a decline and an increase in sales. From December 2017 to January 2018, the Las Vegas real estate market saw a decline of 13.7%. Comparing the figures to the same period in 2016 and 2017, sales increased by 5.5%. The median home price in January 2018 was $289,000, a 3.2% increase over the previous month's median price.

Since then, the health crisis has been a constant… When Las Vegas quickly shut down due to fears of the novel coronavirus in March 2020, real estate professionals thought the housing market would bear the brunt of the situation. Casinos and other businesses were quarantined by the US government, causing massive job losses. In this context, it was difficult to consider buying a home…

Today, the Las Vegas real estate market is experiencing a string of record prices and rising sales despite the prevailing economic downturn. This is primarily due to borrowing rates that are making homeownership easier to afford. And while no one knows how long it will take for tourism to fully recover in Las Vegas, industry experts believe the Las Vegas real estate market will remain strong in 2021.

Las Vegas is also, and this is nothing new, a favorite spot for people looking to move out of high-priced areas, particularly Southern California. Real estate professionals say this trend has accelerated during the pandemic, with displaced white-collar workers now working remotely and buying larger, more affordable homes in Southern Nevada.

Of course, it's impossible to predict the Las Vegas real estate market with any certainty, given its volatility even under "normal" circumstances. The area hasn't been immune to the region's economic woes either, as Southern Nevada has a higher rate of mortgage delinquency than the United States overall.

Factors that influence the Las Vegas real estate market

Real estate is a big business in Las Vegas. Historically, the luxury real estate sector in Las Vegas has generated strong revenues, proving that, when times are good, it contributes to the economic dynamism of this American city.

When real estate sales increased in 2018, it may have been due to more people from different states looking to relocate to Las Vegas or start businesses there.

Another factor impacting the Las Vegas real estate market is the steady growth of the metropolitan area. Infrastructure is expanding and improving, such as the 65,000-seat NFL stadium, Resorts World, and Wynn's Paradise Park. Innovations like these are among the factors driving job creation and population growth, thus impacting real estate supply and demand.

Much more than a bustling business center, Las Vegas is a city that stands out from the crowd. It has demonstrated its ability to overcome economic setbacks, which is no accident. It seems that the hard work of its citizens, its ability to adapt to real estate trends, and the improvement of the city's overall structure have a lot to do with it.