Nevada Real Estate Trends 2022
Expected Housing Trends in Las Vegas
Most people think of gambling and casinos when they think of Las Vegas, but the city is so much more. Las Vegas is actually a popular place for families, students, and retired individuals. The city itself has a lot to offer, but the area is also popular because of its natural attractions and weather.
Las Vegas Houses Have Value
The pandemic caused the housing market to explode as a seller’s market last year, especially in places like Las Vegas. Many homeowners were staying put, and landlords were unable to collect rent, so housing prices went up to meet the changing circumstances. However, this eventually slowed as more homes became available on the market again. Postpandemic interest rates have made buying a house more costly, as the government tries to deal with post-COVID-19 inflation. The median price of a single-family home rose from $340,200 in October 2020 to $435,000 in January 2022.
Houses Still Moving Fast
One of the best indicators of a healthy housing market is how long properties stay on the market. When supply and demand can meet each other, it means that people are able to get what they need. In Las Vegas, over half the houses on the market closed within 30 days. While home values have been falling, that is more of a reaction to the changing circumstances that have been going on for the past few years. Housing is still changing hands quickly, despite changing circumstances.
Las Vegas Real Estate Considered Overvalued
One interesting thing about Las Vegas real estate is that it is considered to be overvalued, meaning that properties sell for more than they are actually worth. In areas where homes are overvalued, it may be an optimal time to purchase properties as real estate investments. Las Vegas was rated in the top ten overvalued housing markets in a study analyzing properties and geographical areas. The population is growing in the area, though, meaning that the need is still growing and the residents are still able to meet the needs of the housing market.
About Las Vegas
Because the area is so dependent on tourist revenue, Nevada is one of the states with no state income tax. Always growing, the area is a magnet for job seekers and entrepreneurs. Even though most jobs are in tourism or hospitality, there is also a great need for healthcare and information technology workers. For parents with young children, there are good schools, and for those who want to achieve higher education goals, there are multiple excellent options, including a research university and training for careers such as medical professions, cosmetology, and business. Once you are there, enjoy the many shopping opportunities, such as the Fashion Show Mall and multiple shopping outlets. Visit the conservatory and botanical garden, enjoy the laser light show, and check out the natural history museum, a comedy show, or the Cirque du Soleil.
We Can Help You Sell
Everyone has a unique situation. Whether you need to move quickly for personal reasons, or because you simply don’t want to go through the longer process of getting your home ready for the market, we understand that you are working on your own time, and we will do everything we can to help you meet your goals. Whether you have a new home that you’ve barely lived in or a home that may still need cleaning and repairs, we want to help get that property off your hands if that is your goal. At We Buy Houses Las Vegas, we buy and sell houses so that people can move on to the next stage of their lives without the stress of dealing with the housing market themselves. Call today and see how we can help!