Reports suggest that the Las Vegas real estate market is closer to long-term stability than it has been in the last five years. Over those five years, the region has seen significant improvements. Current trends in the area indicate no significant fluctuations, suggesting true stability may be on the horizon. The Las Vegas real estate market currently has a median home price of $220,000. In 2015, Las Vegas homes saw a marketwide appreciation rate of 9.6 percent.
According to Fortune Builders, three strong years of historically high appreciation have increased equity in the Las Vegas housing market. Subsequently, the typical Las Vegas real estate investment has seen spreads increase. The following highlights how much equity has been gained relative to the year of purchase:
- Homes purchased in the Las Vegas housing market one year ago have appreciated by an average of $23,811, whereas the national average was $12,783 over the same period.
- Homes purchased in the Las Vegas housing market three years ago have appreciated by an average of $86,153, whereas the national average was $55,406 over the same period.
- Homes purchased in the Las Vegas housing market five years ago have appreciated by an average of $74,623, whereas the national average was $49,675 over the same period.
- Homes purchased in the Las Vegas housing market seven years ago have depreciated by an average of $66,451, whereas the national average increased $9,474 over the same period.
- Homes purchased in the Las Vegas housing market nine years ago have depreciated by an average of $67,733, whereas the national average increased $3,419 over the same period.
Las Vegas Nevada Real Estate Market Summary:
- Current Median Home Price: $220,500
- 1-Year Appreciation Rate: 9.4%
- Unemployment Rate: 7.3%
- Population: 603,488
- Median Income: $58,432
Las Vegas Real Estate Market Update (2016):
It appears as if 2016 is going to be a great year to make a Las Vegas real estate investment. The housing sector as a whole looks primed to make sustainable moves. The median asking price of a single-family Las Vegas home is now $232,995, which represents a 15.3 percent increase over last year. Las Vegas listings, however, have dropped a modest 2.5 percent over the same period.
Las Vegas real estate investors will take comfort in the fact that homes are still relatively affordable. It is entirely possible to find deals that favor those looking to flip properties. According to Redfin, Las Vegas has a sale-to-list price ratio of 97.8 percent. At just under 100 percent, homes in the Las Vegas area are selling below their asking price. That means a Las Vegas real estate investment could result in generous spreads.
Shawn & Kyle Cunningham
Cunningham Group at RE/MAX Advantage
kyle@cgvegas.com | 702-960-4819 Kyle
Source: Fortune Builders
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