The Las Vegas housing market is scorching. Home sales are up from last year, and prices are setting new highs. Inventory is decreasing month after month and cannot keep up with demand. People continue to flock to Las Vegas from higher-priced areas, particularly Southern California, putting pressure on housing demand. According to industry experts, this trend has accelerated during the pandemic, with home sales in the area reaching their highest level in 14 years.

In Southern Nevada, median resale prices of single-family homes are reaching new all-time highs almost every month, buyers have flooded properties with offers, inventory is limited, and builders have raised prices and put buyers on waiting lists on a regular basis. The median sales price of previously owned single-family homes, went from $375,000 in April to $385,000 in May, which is up 2.7% from last month and up 22.2% from the prior year.

Many homeowners are developing a dread of missing out as housing prices rise, believing that there will never be a better moment to sell. Based on these trends, the Las Vegas housing market is expected to remain hot until the end of the year due to a shortage of existing homes. According to Nevada Census data, it is projected there will be a 1.51% increase in population between 2020 and 2025, as well as a 1.46% increase in median income in that same timeframe.

All these factors will lead to less supply and will help keep the single-family price levels strong. The housing supply in Southern Nevada now at 0.6 months, well below what is considered necessary for a balanced real estate market. Months of supply is a good indicator of whether a particular real estate market is favoring buyers or sellers. Typically, a market that favors sellers has less than 6 months of supply, while more than 6 months of supply indicates an excess of homes for sale that favors buyers.

The rental prices in Las Vegas are also increasing. Despite the high unemployment rate, rental vacancies have been trending downward to record-low rates. This shows a growing demand for rentals in the area and a positive sign for real estate investors in the area. The average rent for a 1-bedroom apartment in Las Vegas, NV is currently $1,100. This is an 11% increase compared to the previous year. The avg. rent of studio apartments is $1000, a 13% increase from last year.

A those who can afford Las Vegas investment properties, this guarantees a large rental population that isn't going to be able to afford the new upscale properties that are coming onto the market.

https://youtu.be/TXcGgXZYfqg- Hiring a Home Inspector with Experienced Training And Certification Will Save you Thousands

https://youtu.be/1aO5_Ft6Gyw : Here Are The Newest And Best Locations To Buy A Home In Overpriced Las Vegas.

https://youtu.be/-uw2HbPbO8c : Vegas Covid Restrictions Opening Up And How To Land A Home In A Seller's Market?

https://youtu.be/B3-sw_jfla8 : Things To Know Before Buying/Moving To Las Vegas And Americans Less Motivated To Work

https://youtu.be/1aO5_Ft6Gyw : This is the most overvalued housing market in America. Spoiler: It’s not in California.

https://youtu.be/ak_d72u4SBo : New Home Lottery Is Back In Las Vegas

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https://youtu.be/61dxfW8x4X0 : Las Vegas Housing Forecast 2021-2021

https://youtu.be/XYDupRErig0 : Are We In A Housing Bubble In Las Vegas?

https://youtu.be/5EQMYmx2wm0 : Why The Pandemic Ignited a Housing Boom but It’s Different From The Last Housing Market Crash

https://youtu.be/PSEnOY6WBMU : The Cost of Living Chart Has Gone Up Significantly Post Pandemic

https://youtu.be/jYqV6sNBNMM : How To Compete Putting In An Offer On A House That Already Has An Offer?

Las Vegas Real Estate Market: Prices | Trends | Forecast 2021

Las Vegas Real Estate Market

The Las Vegas housing market is scorching. Home sales are up from last year, and prices are setting new highs. Inventory is decreasing month after month and cannot keep up with demand. People continue to flock to Las Vegas from higher-priced areas, particularly Southern California, putting pressure on housing demand. According to industry experts, this trend has accelerated during the pandemic, with home sales in the area reaching their highest level in 14 years.

In Southern Nevada, median resale prices of single-family homes are reaching new all-time highs almost every month, buyers have flooded properties with offers, inventory is limited, and builders have raised prices and put buyers on waiting lists on a regular basis. The median sales price of previously owned single-family homes, went from $375,000 in April to $385,000 in May, which is up 2.7% from last month and up 22.2% from the prior year.

The rental prices in Las Vegas are also increasing. Despite the high unemployment rate, rental vacancies have been trending downward to record-low rates. This shows a growing demand for rentals in the area and a positive sign for real estate investors in the area. The average rent for a 1-bedroom apartment in Las Vegas, NV is currently $1,100. This is an 11% increase compared to the previous year. The avg. rent of studio apartments is $1000, a 13% increase from last year.

A those who can afford Las Vegas investment properties, this guarantees a large rental population that isn't going to be able to afford the new upscale properties that are coming onto the market.

As of June 26, 2021, the average rent for a 1-bedroom apartment in Las Vegas, NV is currently $1,100. This is a 11% increase compared to the previous year. Over the past month, the average rent for a studio apartment in Las Vegas increased by 1% to $1,000. The average rent for a 1-bedroom apartment increased by 5% to $1,100, and the average rent for a 2-bedroom apartment increased by 3% to $1,295.

Average rents are up 4.5 percent from one year ago. That compares to annual rent growth of 7.4 percent during the previous year. At the end of 2019, the apartment vacancy rate in the Las Vegas metro area was 6.5%. That's down from nearly 11% during the depths of the Great Recession, the report found.

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https://youtu.be/1aO5_Ft6Gyw : This is the most overvalued housing market in America. Spoiler: It’s not in California.

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https://youtu.be/61dxfW8x4X0 : Las Vegas Housing Forecast 2021-2021

https://youtu.be/XYDupRErig0 : Are We In A Housing Bubble In Las Vegas?

https://youtu.be/5EQMYmx2wm0 : Why The Pandemic Ignited a Housing Boom but It’s Different From The Last Housing Market Crash

https://youtu.be/PSEnOY6WBMU : The Cost of Living Chart Has Gone Up Significantly Post Pandemic

https://youtu.be/jYqV6sNBNMM : How To Compete Putting In An Offer On A House That Already Has An Offer?

Las Vegas Realtors are reporting this week that the median price of existing single-family homes sold in Southern Nevada during May 2021 was $385,000. That tops the all-time record set in April. May's median home price is up 22.2% from $315,000 one year ago. The median price of local condos and townhomes sold in May was $205,000. That's up 10.8% from $185,000 in May of 2020.

"Like the previous month, these statistics benefit from a comparison to a time last year when our housing market was hit especially hard by the pandemic," said 2021 LVR President Aldo Martinez. "It remains to be seen how much higher these prices can go in the coming months, since we're reaching a point where more first-time and entry-level buyers are being priced out of the market."

Reports in recent weeks of institutional investors and builders spending millions to develop single-family rental properties across the country as a glimpse into where the housing market is headed. He added that "it seems unlikely that home prices will go down anytime soon, but it seems very likely that more people will end up renting homes for the foreseeable future."

The shortage of homes available for sale continues to present a challenge for potential buyers - and a rare opportunity for sellers. While a six-month supply is traditionally considered to be a balanced market, the pace of local home sales in May compared to the number of existing homes available for sale without offers equates to well under a one-month supply. Of course, he added that it has been many years since Southern Nevada had a six-month housing supply.

While more homes are selling compared to last year, he said the number of sales have started declining on a month-to-month basis.

The local housing market hit its post-recession bottom in early 2012. Since then, it has experienced steady year-over-year growth. Since the pandemic started, Martinez said the local housing market has been more in line with national trends, with home sales and prices "exceeding expectations." He attributes much of this recent price growth to a shortage of homes available for sale, strong demand and historically low mortgage interest rates.

During May, LVR reported that 30.9% of all local property sales were purchased with cash. That's up from 14.5% one year ago, when the housing market was reeling from the onset of the pandemic. However, that's still well below the March 2013 cash buyer peak of 59.5%.

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https://youtu.be/-uw2HbPbO8c : Vegas Covid Restrictions Opening Up And How To Land A Home In A Seller's Market?

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https://youtu.be/1aO5_Ft6Gyw : This is the most overvalued housing market in America. Spoiler: It’s not in California.

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https://youtu.be/Xdz4ChL5ih0 : Hot Las Vegas Housing Market Is Booming

https://youtu.be/8XoqhQE75Y0 : Real Estate Hustle & Working The Strip

https://youtu.be/61dxfW8x4X0 : Las Vegas Housing Forecast 2021-2021

https://youtu.be/XYDupRErig0 : Are We In A Housing Bubble In Las Vegas?

https://youtu.be/5EQMYmx2wm0 : Why The Pandemic Ignited a Housing Boom but It’s Different From The Last Housing Market Crash

https://youtu.be/PSEnOY6WBMU : The Cost of Living Chart Has Gone Up Significantly Post Pandemic

https://youtu.be/jYqV6sNBNMM : How To Compete Putting In An Offer On A House That Already Has An Offer?

The rental prices in Las Vegas are also increasing. Despite the high unemployment rate, rental vacancies have been trending downward to record-low rates. This shows a growing demand for rentals in the area and a positive sign for real estate investors in the area. The average rent for a 1-bedroom apartment in Las Vegas, NV is currently $1,100. This is an 11% increase compared to the previous year. The avg. rent of studio apartments is $1000, a 13% increase from last year.

A those who can afford Las Vegas investment properties, this guarantees a large rental population that isn't going to be able to afford the new upscale properties that are coming onto the market.

As of June 26, 2021, the average rent for a 1-bedroom apartment in Las Vegas, NV is currently $1,100. This is a 11% increase compared to the previous year. Over the past month, the average rent for a studio apartment in Las Vegas increased by 1% to $1,000. The average rent for a 1-bedroom apartment increased by 5% to $1,100, and the average rent for a 2-bedroom apartment increased by 3% to $1,295.

Average rents are up 4.5 percent from one year ago. That compares to annual rent growth of 7.4 percent during the previous year. At the end of 2019, the apartment vacancy rate in the Las Vegas metro area was 6.5%. That's down from nearly 11% during the depths of the Great Recession, the report found.

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https://youtu.be/61dxfW8x4X0 : Las Vegas Housing Forecast 2021-2021

https://youtu.be/XYDupRErig0 : Are We In A Housing Bubble In Las Vegas?

https://youtu.be/5EQMYmx2wm0 : Why The Pandemic Ignited a Housing Boom but It’s Different From The Last Housing Market Crash

https://youtu.be/PSEnOY6WBMU : The Cost of Living Chart Has Gone Up Significantly Post Pandemic

https://youtu.be/jYqV6sNBNMM : How To Compete Putting In An Offer On A House That Already Has An Offer?

Las Vegas Realtors are reporting this week that the median price of existing single-family homes sold in Southern Nevada during May 2021 was $385,000. That tops the all-time record set in April. May's median home price is up 22.2% from $315,000 one year ago. The median price of local condos and townhomes sold in May was $205,000. That's up 10.8% from $185,000 in May of 2020.

LVR reported a total of 4,100 existing local homes, condos and townhomes sold during May. Compared to the same time last year, May sales were up 87.3% for homes and up 144.9% for condos and townhomes. So far this year, local home sales are on pace to exceed last year's total.

While more homes are selling compared to last year, he said the number of sales have started declining on a month-to-month basis.

The local housing market hit its post-recession bottom in early 2012. Since then, it has experienced steady year-over-year growth. Since the pandemic started, Martinez said the local housing market has been more in line with national trends, with home sales and prices "exceeding expectations." He attributes much of this recent price growth to a shortage of homes available for sale, strong demand and historically low mortgage interest rates.

During May, LVR reported that 30.9% of all local property sales were purchased with cash. That's up from 14.5% one year ago, when the housing market was reeling from the onset of the pandemic. However, that's still well below the March 2013 cash buyer peak of 59.5%.

With eviction and foreclosure bans still in place, the number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for just 0.7% of all existing local property sales in May. That compares to 1.5% of all sales one year ago, 2.0% of all sales two years ago, 2.6% three years ago and 6.8% four years ago. Martinez suggested that these percentages may rise slightly when government moratoriums are lifted.

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Las Vegas Realtors are reporting this week that the median price of existing single-family homes sold in Southern Nevada during May 2021 was $385,000. That tops the all-time record set in April. May's median home price is up 22.2% from $315,000 one year ago. The median price of local condos and townhomes sold in May was $205,000. That's up 10.8% from $185,000 in May of 2020.

LVR reported a total of 4,100 existing local homes, condos and townhomes sold during May. Compared to the same time last year, May sales were up 87.3% for homes and up 144.9% for condos and townhomes. So far this year, local home sales are on pace to exceed last year's total.

While more homes are selling compared to last year, he said the number of sales have started declining on a month-to-month basis.

The local housing market hit its post-recession bottom in early 2012. Since then, it has experienced steady year-over-year growth. Since the pandemic started, Martinez said the local housing market has been more in line with national trends, with home sales and prices "exceeding expectations." He attributes much of this recent price growth to a shortage of homes available for sale, strong demand and historically low mortgage interest rates.

During May, LVR reported that 30.9% of all local property sales were purchased with cash. That's up from 14.5% one year ago, when the housing market was reeling from the onset of the pandemic. However, that's still well below the March 2013 cash buyer peak of 59.5%.

With eviction and foreclosure bans still in place, the number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for just 0.7% of all existing local property sales in May. That compares to 1.5% of all sales one year ago, 2.0% of all sales two years ago, 2.6% three years ago and 6.8% four years ago. Martinez suggested that these percentages may rise slightly when government moratoriums are lifted.

https://youtu.be/TXcGgXZYfqg- Hiring a Home Inspector with Experienced Training And Certification Will Save you Thousands

https://youtu.be/1aO5_Ft6Gyw : Here Are The Newest And Best Locations To Buy A Home In Overpriced Las Vegas.

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Downtown Summerlin might be better for nightlife and entertainment, but there’s still plenty happening for adults in Henderson. Compare Henderson and Summerlin and both are great for outdoor lovers, with over 150 miles of trails in Summerlin and Red Rock Canyon nearby and 64 parks in Henderson. If you want to walk or bike around, Henderson is slightly better for this, however, if you love grand scenery Summerlin is close to one of the prettiest parks in the country.

The housing market has been on fire this year with record-low mortgage rates and a sudden wave of relocations made possible by remote work. Meanwhile, home prices have pushed new boundaries as buyer demand continues to surge. As we near the end of 2020, here’s a look at the expectations of real estate experts for 2021.

We expect sales to grow 7 percent and prices to rise another 5.7 percent on top of 2020’s already high levels. While we expect mortgage rates to tick up gradually, sales and price growth will be propelled by still strong demand, a recovering economy, and still low mortgage rates. High buyer demand and still-lagging supply will keep prices growing, but at a slower pace than 2020 as buyers contend with mortgage rate and price increases that create affordability challenges.

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https://youtu.be/5hmHV33rIBA : What To Look For Buying A New Home in Las Vegas

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DECIDING TO MOVE TO HENDERSON OR SUMMERLIN: WHICH VEGAS NEIGHBORHOOD IS BEST

Consider whether you want to be ‘a drive away’ from Las Vegas, even if it’s only a short one. Would your friends be willing to drive the 16 miles to see you in Henderson? Would you need to be constantly driving back and forth? This is an important thing to think about if you want to be happy in your new home.

Summerlin is a newer and shinier place to live, which can appeal to many but might not feel right to some. Young couples and professionals might like the developing nature of Summerlin, while families could prefer the suburban feel of the City of Henderson. You will probably want to visit each place to get a feel for them if you haven’t before.

Downtown Summerlin might be better for nightlife and entertainment, but there’s still plenty happening for adults in Henderson. Compare Henderson and Summerlin and both are great for outdoor lovers, with over 150 miles of trails in Summerlin and Red Rock Canyon nearby and 64 parks in Henderson. If you want to walk or bike around, Henderson is slightly better for this, however, if you love grand scenery Summerlin is close to one of the prettiest parks in the country.

The housing market has been on fire this year with record-low mortgage rates and a sudden wave of relocations made possible by remote work. Meanwhile, home prices have pushed new boundaries as buyer demand continues to surge. As we near the end of 2020, here’s a look at the expectations of real estate experts for 2021.

https://youtu.be/TXcGgXZYfqg- Hiring a Home Inspector with Experienced Training And Certification Will Save you Thousands

https://youtu.be/1aO5_Ft6Gyw : Here Are The Newest And Best Locations To Buy A Home In Overpriced Las Vegas.

https://youtu.be/-uw2HbPbO8c : Vegas Covid Restrictions Opening Up And How To Land A Home In A Seller's Market?

https://youtu.be/B3-sw_jfla8 : Things To Know Before Buying/Moving To Las Vegas And Americans Less Motivated To Work

https://youtu.be/1aO5_Ft6Gyw : This is the most overvalued housing market in America. Spoiler: It’s not in California.

https://youtu.be/ak_d72u4SBo : New Home Lottery Is Back In Las Vegas

https://youtu.be/5DuRlwUC7_o : Las Vegas Sands Leaving Gaming

https://youtu.be/Xdz4ChL5ih0 : Hot Las Vegas Housing Market Is Booming

https://youtu.be/8XoqhQE75Y0 : Real Estate Hustle & Working The Strip

https://youtu.be/61dxfW8x4X0 : Las Vegas Housing Forecast 2021-2021

https://youtu.be/XYDupRErig0 : Are We In A Housing Bubble In Las Vegas?

https://youtu.be/5EQMYmx2wm0 : Why The Pandemic Ignited a Housing Boom but It’s Different From The Last Housing Market Crash

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https://youtu.be/x7Lj1sLhlPc : Lower Credit Scores And Declining Home Affordability Makes Buying In Las Vegas Challenging

https://youtu.be/JU9NKbiCyFw : New Home Builder Summit Homes Stops In To Discuss Las Vegas

https://youtu.be/e1zrHV5Eenw : A look At Las Vegas housing Market Bubble Impact Boom & Bust timeline

https://youtu.be/OliwJuVZeGU : Facts On Home Loan Programs & Avoiding Mortgage Fraud

https://youtu.be/Xdz4ChL5ih0 : Hot Las Vegas Housing Market & Appraisals

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The median sale price for a home in Las Vegas rocketed to $382,000 in March, another new all-time record, according to the Las Vegas Realtors trade group.

The figure represented a 14% jump from March 2020 and a month-over-month increase of 2% from February’s median price of $382,000.

“At the rate we’re going, we could see even greater gains in home prices and sales next month, since the housing market stalled briefly before roaring back.

The median price for a condo or townhome in Las Vegas was $194,000 at the end of last month, up 5% from March 2020.

The tight housing supply in the area continues to present a challenge for potential buyers and a “rare opportunity for sellers.”

The Las Vegas market had less than a one-month supply of preowned homes at the end of March, virtually unchanged from February.

A six-month supply is generally considered by industry experts to be a balanced market.

“The pandemic has contributed to the supply shortage due in part to homeowners being out of work and therefore unable to upgrade even if they wanted to unless they could pay cash,”

“In addition, reports for the National Association of Realtors show homeowners are staying longer in their homes.”

Research from the National Association of Realtors has shown that homeowners are staying in their residences two to four years longer than in the recent past, which, he said, could be partly attributed to lower-than-normal interest rates.

We expect sales to grow 7 percent and prices to rise another 5.7 percent on top of 2020’s already high levels. While we expect mortgage rates to tick up gradually, sales and price growth will be propelled by still strong demand, a recovering economy, and still low mortgage rates. High buyer demand and still-lagging supply will keep prices growing, but at a slower pace than 2020 as buyers contend with mortgage rate and price increases that create affordability challenges.

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There seems to be no stopping the soaring existing home prices in the Las Vegas area.

The median sale price for a home in Las Vegas rocketed to $382,000 in March, another new all-time record, according to the Las Vegas Realtors trade group.

The figure represented a 14% jump from March 2020 and a month-over-month increase of 2% from February’s median price of $382,000.

“At the rate we’re going, we could see even greater gains in home prices and sales next month, since the housing market stalled briefly before roaring back.

“In addition, reports for the National Association of Realtors show homeowners are staying longer in their homes.”

Research from the National Association of Realtors has shown that homeowners are staying in their residences two to four years longer than in the recent past, which, he said, could be partly attributed to lower-than-normal interest rates.

The Las Vegas housing market bottomed out in 2012 after the Great Recession, when the median price of an existing home dipped to $118,000.

At that time, the Las Vegas housing market was one of the most depressed in the United States.

The housing market has been on fire this year with record-low mortgage rates and a sudden wave of relocations made possible by remote work. Meanwhile, home prices have pushed new boundaries as buyer demand continues to surge. As we near the end of 2020, here’s a look at the expectations of real estate experts for 2021.

We expect sales to grow 7 percent and prices to rise another 5.7 percent on top of 2020’s already high levels. While we expect mortgage rates to tick up gradually, sales and price growth will be propelled by still strong demand, a recovering economy, and still low mortgage rates. High buyer demand and still-lagging supply will keep prices growing, but at a slower pace than 2020 as buyers contend with mortgage rate and price increases that create affordability challenges.

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