Categorized | Featured, Residential

Las Vegas Real Estate Heating Up

Las Vegas Real Estate Heating Up
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The latest residential real estate market report from Las Vegas indicates that the prices are up from one year ago for the first time in two years. Median home prices increased two and a half percent from a year ago, and more than four percent over the previous month.

The increase in April is fairly significant, as there is no added gimmick that has contributed to the overall growth. The previous increase came about largely due to the peaking of a housing tax credit.

Las Vegas is not the only market enjoying recent growth in the past few months. Many cities around the United States are also facing similar growth. Some cities, such as Miami and Phoenix have seen unprecedented increases in pricing.

One of the major factors contributing to the increases in the housing market of Las Vegas has been the declining inventory. Sales inventory numbers are at the lowest that they’ve been in years. As such, demand in many of the properties has increased.

The improving job market has also been a major contributing factor.

The majority of those looking to buy homes in Las Vegas are investors that are taking advantage of foreclosed properties. With mortgage loan rates at all-time record low levels, and foreclosed properties being sold at bargain prices, investors see the market as one that is offering immense profit potential.

The investors do not plan to resell these homes right away, but rather rent them out with intentions of selling them a few years from now when the market is hot.

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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