LAS VEGAS, NV – According to reports, while Las Vegas has been making waves in the real estate world for its steadily rising home prices despite the ongoing COVID-19 pandemic – raising concerns over affordability if they continue to go up – prices are nonetheless rising much faster in many other cities, highlighting the current low cost of living in Southern Nevada.
Prices of homes in Las Vegas have gone up 6.8 percent from November 2010 to November 2020, which while an impressive feat, nonetheless falls well below the national year-over-year average of 9.5 percent, according to the S&P CoreLogic Case-Shiller index released by S&P Dow Jones Indices.
Indeed, among the 19 markets examined for the index, Phoenix, Arizona was the region with the fastest-rising home prices, and has steadfastly held that position for the past 18 months; in contrast, Las Vegas’ growth – while still very healthy, especially given the financial impact of the pandemic – was the market with the slowest-rising prices in the index.
Experts say the reason Las Vegas is not higher on that list is due to the fact that the city’s main industry is tourism, which has been devastated by the pandemic; jobs related to that industry have experienced huge losses.
However, despite the economic turmoil that Vegas has experienced, pace of its home price increases have broken several records over the course of the past year due to demand, low mortgage rates, and the overall low cost of living. Reports indicate that numerous home-buyers, many from out of state, have swooped into Southern Nevada to take advantage, and that the intense competition for homes is not expected to slow down any time soon.
The median sales price for homes in Las Vegas was an all-time record high $345,000 for both November and December 2020, which represents a 10.2 percent from the same period of time in 2019.
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.