Increase in Home Construction Reported in East Las Vegas
LAS VEGAS – While Southern Nevada as a whole has been experiencing a swell in the number of areas with increased construction in response to the overwhelming demand for affordable housing, reports indicate that the fastest rising region overall is in Eastern Las Vegas Valley.
This news comes to the surprise of many, as you would expect this activity to come out of a larger and more well-known area in the Valley, but the need for new homes – spurred on by a rapidly-growing economy and business/job/real estate market – is being felt all throughout Las Vegas. Ultimately, people are taking property where they can get it, and due to the fact that East Las Vegas is a lesser-known area, home costs are subsequently lesser; an attractive prospect for many facing skyrocketing home prices currently dominating the Vegas real estate scene as buyers are finding themselves paying a premium for whatever they can get their hands on.
East Las Vegas reported the sales of 515 new homes in 2018, which represents a whopping increase of near 90 percent from the prior year. This, according to experts, is the fastest level of growth anywhere in the Las Vegas Valley by a wide margin. While this number is relatively small when compared to other areas of the valley – 2018 saw 3,741 homes closed upon in southwest Vegas – it nonetheless is a vastly higher number, percentage-wise, and the affordability of East Las Vegas will likely result in that impressive output increasing in 2019.
When you look at the numbers, it’s easy to see why buyers are attracted to the homes in the eastern valley- the median sales price of a newly-built single-family home there is currently in the mid-$200,000’s, as opposed to elsewhere in the valley where that number typically reaches as high as $380,000 or more, reports say.
One of the reasons for East Las Vegas’ new reputation is the fact that conditions in some areas were reportedly run-down; developers have been scooping up dilapidated properties recently, razing them, and constructing new homes at price points that are causing a stir among those having difficulty finding a residence in Las Vegas’ otherwise skyrocketing real estate market.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.