Las Vegas Market Watch
Las Vegas Real Estate Market Ranks Among Top Five
An online real estate marketplace recently released its Top Single Family Housing Markets Report for Fall 2016. Among the 50 largest US markets, Las Vegas ranked among the top five. This report cited Las Vegas for demonstrating a vigorous combination of consistently strong demand, home price appreciation, and economic and demographic growth.
The Las Vegas residential real estate market continues to gain steam in 2016. Median local home prices in September were $233,500 after 18 consecutive quarterly gains. Sales are fifteen percent higher than a year ago. Employment is at an all-time high as well, up 2.9 percent from a year ago after nine consecutive monthly gains. The leisure and hospitality sector is getting back on track, most recently up 1.7 percent in 2016 while the white hot construction sector boasts double digit, year-over-year growth. Population growth has been on the upswing since 2010, at a healthy 2.2 percent in 2016 with no sign of slowing.
While inventory and affordability continue to put a damper on sales growth, solid underlying demand will likely keep sales at a high level and continue driving the local housing market. A firm labor market, wage growth, low unemployment and low mortgage rates remain supportive for homebuyers.
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