LAS VEGAS, NV – The Greater Las Vegas Association of Realtors (GLVAR) are saying that the Las Vegas housing market, already massively on the mend after the mid-2000’s recession, is expected to perform strongly for the next few years at least; this runs in contrast with a recent Realtor.com report that indicated the possibility of the market softening in the region in the next few years.
According to experts, Las Vegas is one of ten cities in the United States that is anticipated to show continued strength over the next three-to-five years, especially in terms of population growth and job creation.
Earlier in December, Realtor.com stated that home prices in numerous U.S. markets, including Las Vegas, could start to come down in 2020. But according to a statement by incoming 2020 GLVAR President Tom Blanchard, the Realtor.com report simply doesn’t fit with the activity that he’s been seeing in Las Vegas in recent years.
“It confirms my thoughts regarding the Realtor.com forecast that was being circulated a week or so ago,” he said. “The Realtor.com forecast didn’t make sense to me. The Las Vegas market shows all signs to continue steady sustainable growth through 2020.”
Zillow, a national real estate website, concurs with Blanchard; Cheryl Young, an economist, noted that she expects stability and possibly even growth in Las Vegas in 2020, and the country as a whole.
“Price growth will be slow, but positive,” she said. “This past year was a year of transition for the Las Vegas metro. An infusion of supply helped to temper the hot home value growth in recent years.”
According to GLVAR, the median price for a home in Las Vegas in November 2019 was $307,000, which represents an increase of 4 percent from the same period in 2018; local home prices hit their lowest in 2012 during the recession at $112,000.
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.