| Feb 28, 2014
One of the most essential steps to moving is learning the local real estate market, picking a neighborhood that meets your needs and starting the house hunting process. For those moving to Las Vegas, Nevada, we are here to help you with those difficult first steps! As we wrap up February’s feature of the city of Las Vegas, we are reviewing the Las Vegas real estate and housing market.
Las Vegas Housing Market Conditions
In 2013, North American Van Lines move more people out of Las Vegas than any city in the country. It was also the third most popular city for move destinations by our moving company. So it is clear that the Las Vegas region is a busy area for real estate and home sales.
Las Vegas was hit hard by the housing market bust and economic recession, with home values rapidly decreasing from 2007 – 2011. Since mid-2012, however, median home values have been gradually increasing and Zillow.com is forecasting a 7% growth from January 2014 to January 2015.
The Las Vegas housing market remains below the national average, so it is a buyer’s market in many respects. As a buyer, you can expect more foreclosures and short sales than most markets, as well as below national average sale and rental prices. As of January 2014, the average list price/square foot was $101 and the average rental price was $0.72 per sq. ft.
Although the market is below national averages, it is rebounding strong and increasingly becoming a sellers’ market. From January 2013 to 2014, median home values jumped 27%, compared to a 6% national average increase (via Zillow). With the strong improvements recently, there is a lot of positive energy and motivation among sellers and realtors.
Las Vegas Neighborhoods
Henderson is the second largest city in Nevada but usually considered a neighborhood of Las Vegas. Located southeast of the city, it is one of the most desirable neighborhoods in the region. Popular Henderson communities include Lake Las Vegas and Green Valley Ranch. The area boasts popular shopping centers and is known as a walking-friendly community. Homes values in these communities are usually above average for the region.
Summerlin is located only 10 miles from The Strip and is home to more than 100,000 residents. The neighborhood actually earned its name from Howard Hughes’ grandmother, as he purchased and designed the community in the 1950s. Homes for sale in this neighborhood will also likely be above the Las Vegas average, but they come with numerous, nearby golf courses and the popular 150-mile Summerlin Trail System.
The Northeast region of Clark County is home to more affordable housing options and is dominated by Nellis Air Force Base and a popular off-base housing option. The shopping and dining options may be more limited compared to higher-priced neighborhoods, but you still get the benefits of quiet, outdoor friendly residential communities and apartment options.
Spring Valley is often considered a higher-end living option for the region although the average home value is not the highest in the region, so you can find affordable options in this desirable neighborhood. Located south of Summerlin, you will also find country clubs, mansions and large gated communities popular with celebrities.
If you are moving to Las Vegas, the housing market is rebounding strong and there are a lot of great options and neighborhoods for families, retirees and young professionals to rent or buy their next home. Visit us on Facebook or Twitter if you are planning a move and have any questions about the Las Vegas region.