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2017 Las Vegas Real Estate Market Recap

Written by Posted On Wednesday, 10 January 2018 23:49

2017 Las Vegas Real Estate Market Recap

2017 was a fantastic year for the Las Vegas housing market. Home sales in Las Vegas were the 3rd highest as over 46,000 homes were sold. This is an increase of over 10% from 2016 despite the shortage of homes for sale in Henderson and Vegas. Home prices in December 2017 were up almost 15% from the year before. Being the 3rd highest year on record as far as sales volume as well as the increase in home values has many excited about their real estate investments in Las Vegas.

Contact Nevda Desert Realty at 702-509-1446 for a current Las Vegas real estate market update

The interest rates stayed low in 2017, helping home buyers qualify for more expensive houses. Many do not realize the amount of money a low-interest rate mortgage can save them monthly and over the life of a loan. Many investors know this and have purchased homes in Las Vegas knowing they can easily find tenants and with prices still projected to rise, the investors will also see their investment home in Las Vegas or Henderson gain equity soon after closing escrow.

There were also several Las Vegas communities with new home sales numbers to get them to rank in the top 50 in the United States. The new Las Vegas home sales in Summerlin was in the top 5 communities in the nation. There were over 1,000 new homes sold in this community in 2017 which is up almost 40% from 2016. Inspirada was another top ranking community for new home sales, and within that community, new home sales went up almost 50% from the year before. The other honorary mentions that ranked in the top 50 nationally were the community of Cadence, Mountain’s Edge, and Skye Canyon.

The total number of new home sold in Las Vegas and Henderson reached over 8,000. Las Vegas new home builders are continuing to build homes, selling them faster than ever as well as receiving higher and higher prices as the Las Vegas real estate market gets more and more competitive. Many home buyers are looking to home builders to build their home in Las Vegas or Henderson as the resale market may not be able to supply them what they need in a home. Many real estate professionals are looking to home builders to help increase the inventory in the Las Vegas housing market, but they do not expect the inventory to rise quickly as Las Vegas is facing a shortage of trained professionals in the construction industry.

Call 702-509-1446 to schedule a free real estate consultation!

To summarize the last year’s Las Vegas real estate market, it was a year that included high demand which helped Las Vegas home values rise significantly. Low-interest rates enabled many people to upgrade homes, buy their first home, or invest in Las Vegas real estate and many of those who have purchased homes this year are already seeing equity in their homes. Many builders are seeing the high demand for housing and low inventory and have plans to continue to expand Las Vegas and Henderson communities. Many are seeing that Las Vegas home values have not hit their full potential and are excited to have purchased a home in Las Vegas or Henderson and be a part of the action.

Click here to to find out what's coming to Las Vegas real estate in 2018!

 

 

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