Full Circle: After 13+ Years Home Prices in Las Vegas Surpass Pre-Recession Levels
LAS VEGAS, NV – According to recent reports, home prices in Las Vegas, already in a constant state of increase, have finally managed to surpass pre-recession housing bubble-era prices after over 13 years of recovery, when not adjusted for inflation.
The median sales price of a single-family home set a record last month when it hit an all-time peak of $316,000, $1,000 more than the previous all-time record established in 2006, before the burst of the housing bubble lead to a deep recession that almost decimated the housing market in Southern Nevada for over a decade.
That amount, however, still manages to lag behind pre-recession peak prices when inflation is taken into account, reports say, which shows how pricey property had gotten in the region before the economy went south. When adjusted for inflation in 2020 dollars, the 2006 peak price would translate to approximately $400,500, which represents an additional $84,500 above today’s market.
Median home prices in Las Vegas have increased 6.7 percent from the same period one year earlier. In addition, February 2020 was an especially busy month for sales, with 2,471 houses sold, with represents an increase of 25.7 percent from February 2019. This represents good news for the market, as sales had previously leveled off in the region due to concerns regarding affordability began affecting the market overall.
Despite the fact that home prices still lag behind their pre-recession peak when inflation is taken into account, this new financial milestone is important given the fact that the recovery of the Las Vegas real estate market in particular lagged behind much of the rest of the United States after it began to recover from the recession.
Essentially, the real estate market in Las Vegas has finally come “full circle” and, given its continued positive momentum, it may only be a matter of time before more records are set.
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.
About the Author
Christopher Boyle is an investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher helps keep a keen-eye on what's happening in the Las Vegas Nevada community on behalf of Shelter Realty Inc.