The world’s most famous City of Sin is also a city that houses just over half a million people (and growing). Why are so many people flocking to Las Vegas?
There are a lot of answers to that question from relatively affordable housing to a strong economy.
As a real estate professional or someone that’s looking to sell their home in the area, all you need to know is that demand exists if you’re selling the right product in the right neighborhoods. But which product does the Las Vegas real estate market prefer? What are the best neighborhoods in the area?
In this post, our team breaks down the basics of Nevada’s most popular real estate market in hopes of helping you sell/invest smarter. Keep reading to learn more!
Home Prices Are Going Up
You’d think that during the 2020 pandemic, home prices would drop with fewer people willing to take on debt. For better or for worse, that did not come to fruition.
As a matter of fact, home construction slowed but buying didn’t, creating home shortages in some markets.
Looking at Las Vegas specifically, 2021 is projected to bring yet another substantial hike to home values that will strongly outpace inflation. That means that whatever your house was capable of selling for in 2020 will look even more attractive in this new year.
Migration From California Is Helping Sellers
California is losing citizens at one of the most notable paces in America. Given that Las Vegas is one of California’s closest and familiar neighbors, you can guess where a lot of the Golden State’s disgruntled citizens are ending up.
As California migration of population and jobs continues to take place, we’re liable to see the Las Vegas real estate market outpace the growth being seen in several other hot markets.
If you’re open to looking outside of the Las Vegas area when it comes to investing, check out Reno as that city is a prime example of the migration of jobs into the vicinity creating a huge impact on its housing market.
Housing is Newly Built
When you’re shopping for and/or selling homes in many areas across the country, you can run into houses that are pushing 70+ years old. If you’re buying/selling on the east coast, some houses have been standing for centuries.
None of this is true for the Las Vegas real estate market.
Las Vegas exploded in population over the last decade or two which means that a lot of its housing is relatively young (about 24 years old to be exact!).
That means homes you buy into will likely hold up for a while and homes you’re selling will be expected by consumers to be on par with the overall age of the market.
Managed Communities Rule
The Las Vegas managed community is one of the most popular trends we’re seeing in the market. For the uninitiated, a managed or master-planned community is like a condominium complex. It’s a collection of houses that share amenities and are governed by an HOA that controls certain aspects of living.
While managed communities do cost additional money given that HOA fees can be steep (and go up regularly) many Las Vegas buyers are excited to live in areas where they can enjoy things like pools and private parks.
Green Areas Are a Thing
When you think of Las Vegas real estate, chances are, “green” doesn’t come to mind.
We challenge you to challenge that perception though as there are several communities in Las Vegas that have worked hard to include green spaces in their planning.
For example, towns like Green Valley Ranch and Southern Highlands have multiple parks, play areas, and open green spaces.
If you’re investing, look to buy in these areas as they’ll likely attract more competitive rents/offers from expats that aren’t used to the desert. If you’re selling and own property in these areas, count yourself lucky!
Most Buyers Are Looking for an Average Single-family Home
Like most markets, Las Vegas real estate shoppers are looking for homes that meet the standard definition of a residence. That definition varies depending on where you’re buying/selling but in Vegas, it means 3 beds, 2 baths.
Keep that in mind when investing in the area as 3 bed, 2 bath setups are likely to attract the most attention from buyers/renters far into the future. If your house is less conventional and you’re having trouble pulling in offers, explore the best way to sell a house that doesn’t require mass market interest.
Las Vegas Is Bullish on Life With COVID
We’re hopeful that we’re rounding the corner on the pandemic. That would put conversations regarding COVID in the review mirror. For now though, know that Las Vegas has been very outspoken about existing alongside COVID rather than shuttering until the storm passes (whenever that may be).
This stance is polarizing and has attracted many people to Vegas as well as repelled prospective settlers.
We’d guess, based on Nevada’s neighbors, that pushing the idea that living life should be continued as much as possible will likely pull in more people from surrounding stricter states than push prospects away.
Time will tell!
Las Vegas Real Estate Is a Great Bet
If you have some sort of involvement in the Las Vegas real estate market, chances are, you’re sitting prettier than most people. Owning a Las Vegas home or some other Las Vegas property is sure to attract attention from buyers and renters today and into the future.
We wish you the best as you look to maximize the level of return you get on your property investments. If you’d like more insight on Nevada markets or other real estate topics, check out additional information on our blog