According to a new report from Zillow, the Las Vegas valley ranked No. 9 in the Zillow Housing Confidence Index as of July - up from spot No. 13 in January. Twenty of the largest metro areas were included in the index.
The median sales price of single-family homes came in at $220,000 in Southern Nevada as reported by GLVAR, up 10 percent from August 2014.
Zillow noted that about 12 percent of Las Vegas renters surveyed plan to buy a home in the next year, and 66 percent of homeowners believe local property values will have climbed a decade from now.
With more renters hoping to buy and more owners gaining confidence in the local market, the measure of faith in Las Vegas housing is still on the uptick, while national measurements of the same data have slumped slightly.
People are still "quite confident overall," said Svenja Gudell, Zillow chief economist. "The good news is things are leveling off with no crash in sight. If incomes rise to keep up with home values - and that's a big if - people can count on homeownership in their future, even in hot markets."
Shawn & Kyle Cunningham
Cunningham Group at RE/MAX Advantage
email@example.com | (702) 823-0855 Shawn
firstname.lastname@example.org | (702) 823-0840 Kyle