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How COVID-19 Affected the Las Vegas Housing Market

The Pandemic 

It’s no secret that the current Las Vegas housing market is on a hot streak. COVID-19, despite its catastrophic effects on the economy and the Las Vegas unemployment rate, has somehow boosted the real estate market to new record highs. 

Experts say it’s one of the top overvalued housing markets in the country. This has stymied even the most shrewd businessmen. It’s fair to say that COVID-19 has had the biggest impact on these rising home prices. 

The Numbers 

The Las Vegas housing market boasts record prices this year of single-family homes sold, reaching the highest level seen in 14 years. Las Vegas home prices for previously owned single-family homes just a year earlier have increased by almost 23%, an unheard-of amount. 

Existing local property sales in the Las Vegas area are expected to remain hot and increase in value over the next year by another 10 – 15%. Professors at the Florida International University and the Florida Atlantic University say homes in Las Vegas, NV. are selling for almost 42% over long-term trends.

New Home Sales 

Home Builders Research data shows that new home construction is also at a record high, with the median sales price rising 13% over the past year in Southern Nevada. The housing supply in Southern Nevada for new home developments is at 0.9 months.

This is far below what is estimated as necessary for the real estate market to be balanced. Clearly, demand outweighs supply, in the booming Las Vegas housing market.  

Rental Properties 

The Las Vegas real estate market also has a huge increase in rental demand. The average rent for a one-bedroom apartment is up by 14% over the previous year’s rental market, at $1150. Las Vegas real estate investing companies like Blackstone seem to be buying up a lot of Las Vegas real estate, as well. 

A spokesman from UNLV’s Lied Center says this is in anticipation of more buyers than homes, resulting in people having to choose a rental property instead. This strategy in the Las Vegas real estate industry is similar to the one used over a decade ago, during the same time period as the Great Recession. 

Luxury Homes 

Another section of the Las Vegas market experiencing an increase in pricing is the luxury home market. Las Vegas appreciated 10.16% annually, putting it in the top 10% of the national average. 

The Paseos in West Las Vegas is the most expensive neighborhood, with a median list price of $765K, Las Vegas realtors reported. 

Las Vegas area home values in the Paseos are rated the top 7% of neighborhoods, and the top 30% of neighborhoods in the country. 

Average Prices 

So what are the actual average home prices currently? As of July 2021, for existing homes in North Las Vegas, the median home price is at $405K and $224 a square foot. This is a 22.7% increase for the same period of the previous year. 

East Las Vegas has the lower end of the spectrum, with the median home value of $240K, working out to $176 per square foot. Overall, the Las Vegas housing market is predicted to be a safe bet for investment over the next 12 months, at least.

Additional Factors 

There are many more reasons why Las Vegas realtors will be staying busy over the next year, at least! With labor statistics showing unemployment in Las Vegas starting to decline, and every indication of economic growth – the state of Nevada is bouncing back quickly. 

Many people unhappy with California laws are coming to Vegas in droves, as well as a large number of people from everywhere . Las Vegas realtors can also thank the pandemic for record low mortgage rates giving buyers the incentive and ability to buy. 

Las Vegas Taxes 

Another reason people like living in Nevada is there is no state income tax. In addition, property taxes are lower in Las Vegas and surrounding areas. The cost of living is lower in Nevada, and of course, the nightlife and casinos are exciting and fun! 

How About a Foreclosure Home? 

If you are interested in obtaining a house through short sales, or one that is bank-owned due to a foreclosure filing, you should really look into foreclosure auctions. Often, homeowners struggle with their mortgage financing, especially first-time buyers. 

Unfortunately, a mortgage loan is non-negotiable. If you don’t pay it, they take the collateral – your home! There is something you can do, however, to help your situation. 

Need to Sell Fast 

Whatever your circumstances and unique situation may be, there are things that happen in life that can cause you to have to make a quick move. A new job opportunity, a sick relative or friend needs your help indefinitely in another state, a long-distance relationship gets serious, you need to sell before foreclosure, etc. 

When you need to sell your home quickly and don’t have time to wait 6 weeks or more for closing, contact Sell Your House Fast Las Vegas. We buy houses for cash in any condition, and we charge nothing. 

Sell Your House Fast Las Vegas 

Just fill out the short form right here on the homepage of our website. A cash buyer will be in touch with you soon to make an appointment to see the property. They will make you a free, no-obligation cash offer at that time. If you agree, the money from the sale could be in your bank account within a week or two. 

It’s that simple! Sell Your House Fast Las Vegas are the cash home buyers with integrity, you can count on us to treat you fairly. When you need to sell your house fast for cash, with no strings and no hassles, it’s Sell Your House Fast Las Vegas. 

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