Is it a good time to buy in Las Vegas?
It is our best prognosis that it is a great time to buy a home in Las Vegas. Interest rates play a huge part in the growth and movement of the Las Vegas housing market.
Contents
- How will the interest rates affect home buying?
- Is it better to rent in Las Vegas?
- Rental Stats
- Has Las Vegas appreciated over last year?
- How is the unemployment rate in Las Vegas?
- Is there growth and development taking place in Las Vegas?
- Does Las Vegas have any professional teams?
- What does the inventory of homes in Las Vegas look like?
- What has happened to the median home price in the last ten years in Las Vegas?
- How does the booming stock market and economy effect the Las Vegas housing market?
- What is the bottom line, do I buy in Las Vegas?
- Las Vegas Homes for Sale
How will the interest rates affect home buying?
With the current interest rate in the mid to low 4’s for a 30-year fixed rate, many buyers are enjoying a low mortgage payment or obtaining a larger house for their money.
Is it better to rent in Las Vegas?
Those who are relying on the rental market aren’t fairing too well.
In the last year, rental prices in Las Vegas have risen 5.7+% which is
Rental Stats
Las Vegas Rental Market Statistics 2018 – 2019
| What are the rental vacancy rates in Las Vegas? | 7.3% |
| What is the median rent in Las Vegas? | $1,020 |
| How many people live in Las Vegas? | 2.5+ million |
| What is the percentage of renters in Las Vegas? | 49% and increasing |
| What is the median household income in Clark County | $58,000 |
| What is Las Vegas’s unemployment rate? | 4.4% |
There were 41+ million visitors in 2018.
| Will the Feds raise interest rates? | No, it is unlikely in the next two years that the Feds will raise interest rates. |
Has Las Vegas appreciated over last year?
Yes, most zip codes appreciation % was in the DOUBLE digits!
The Las Vegas Valley zip code appreciation map shows that there has been solid growth again for the median home prices in 2018.
How is the unemployment rate in Las Vegas?
Is it easy or hard to get a job?
The unemployment rate in Las Vegas is at a low of 4.4% which equals good job opportunities. Las Vegas is on par with big cities like Los Angeles and with the U.S. unemployment average which is approx. 4%.
Is there growth and development taking place in Las Vegas?
Yes, there are over 10 billion dollars in development happening throughout the city in all sectors, including gaming, convention, professional sports, retail, entertainment
Does Las Vegas have any professional teams?
Las Vegas Golden Knights
The Las Vegas Raiders NFL football team will begin playing its inaugural year in 2020 after the completion of the new multi-billion-dollar stadium.
The Oakland A’s triple – A farm team will be playing in the new baseball stadium built in Down Town Summerlin.
What does the inventory of homes in Las Vegas look like?
| How many Single Family homes are on the market? | 7700 this is lower by 29% over a five- year analysis. |
| What is the number of Foreclosures in the Las Vegas market? | 272 which is approx.2% of the market |
| What is the number of Short Sales in the Las Vegas market? | 323 which is approx.2.8% of the market |
| What is the monthly supply for single-family homes in Las Vegas? | There is approx. a 2 month supply of Single-Family Houses in Las Vegas. |
What has happened to the median home price in the last ten years in Las Vegas?
In the last ten
How does the booming stock market and economy effect the Las Vegas housing market?
When the stock market booms many investors take profits and diversify their portfolio with real estate.
Las Vegas will always be one of those darling cities to invest in, partly due to the overwhelming number of tourists who visit each year (Over 41 Million Last year) and the amount of ‘mindshare’ the city possess in the worldwide populace.
What is the bottom line, do I buy in Las Vegas?
YES! With the Las Vegas economy growing as well as it’s population, and housing demand continues to overwhelm the supply, this means good news for the Las Vegas home owners.
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