Las Vegas Named Hottest Real Estate Market in U.S. for 2018
LAS VEGAS, NV – Several esteemed news organizations have done their homework and produced their annual “Hottest Real Estate Markets of 2018” lists, and what may come as a surprise to some – but a no-brainier to most – is that Las Vegas has topped many of them.
One noted publication that has predicted Las Vegas as the number one real estate scene in the nation for 2018 is Realtor.com, and among the criteria stated for their pick were prices verses the number of existing homes; new home construction; and local economic trends, all of which were taken into consideration when it came to deciding which region in the United States would generate the most competition and revenue over the course of the next 11 months.
Realtor.com stated that homes in Vegas are being snapped up as quickly as they hit the market, with 2017 seeing the third highest level of sales ever seen in the Valley. Experts are predicting even better from 2018, and buyers are going to have to act fast – and anticipate some degree of disappointment – if they want to get in on the action, as demand is high, yet supply limited. Real estate brokers are encouraging prospective buyers that competition will be fierce and getting offers in early and fast will be the key to scoring a property…or losing it by a hair to an even more bloodthirsty buyer.
In addition, Fortune Magazine has also listed Southern Nevada as a region with a real estate market that investors should seriously think about getting involved in- they noted that Vegas saw prices of homes jump a whopping 10.6 percent from November 2016 to November 2017, outpacing other well-known hotbeds of property-buying activity such as San Francisco, whose prices went up 9.1 percent during the same time period. Rampant Vegas home and apartment development in an attempt to keep pace with demand, as well as a flourishing economy and job market, are considered major strengths that will bleed over into increased real estate demand as well.
And finally, USA Today has weighed in on the 2018 real estate scene, declaring Las Vegas an early winner of the race as well, noting that forecasts are calling for the market in the region to remain strong for the foreseeable future, with prices of homes continuing to rise throughout the year as demand continues to grow; median home values in Vegas are expected to rise approximately 5.8 percent over the next year, showing that investors have a great deal of confidence in the strength of the market. In fact, home values in Vegas increased 8.6 percent during the last year, with the price of a median home coming in at approximately $285,045.
As you can see, if you’re looking to invest your hard-earned dollars in a white-hot real estate market in 2018, the experts have spoken- Las Vegas is indeed the place to do it. And with a financial forecast this bright, is stands to reason that 2019 and beyond will to continue this upward trend as well.
If you are considering relocating in or around the Las Vegas area, our company would be delighted to help you find your way or pick the best place to settle in or find your dream home. Please give us a call at 702.376.7379 so we can answer any questions you may have.