Like much of the USA, Las Vegas’ property market has been caught in a huge inflation bubble.
The good news is that average prices are now set to stabilize, according to KTNV, at a record high of $406,500. This is higher than the national average but it is, at least, a stable figure. With stability now found in the market, it’s time for buyers, renters and sellers alike to look at market conditions in the City of Lights and make their next move.
Better for renters
Las Vegas saw a bit of a war in 2020/21 when it came to renting. The city ranked top of the table when it came to non-payment of rent and total arrears, according to Bloomberg, and conversations have been ongoing between renters, advocate groups and local authorities on how to resolve the issue. With the Las Vegas Sun now reporting lowered rents across the city in response, it’s a good time for renters. This is important given the inflation in consumer goods prices. Having access to proper appliance repair has become important to increase the longevity of household goods, so finding ways to save money elsewhere is effective.
This is good news as the rate of home sales is increasing, too. That means more families in homes, but also more buy-to-let properties and similar schemes. The net impact is a broader set of housing stock within Las Vegas for both homebuyers and renters – the inflated prices at which sellers can now sell off their properties makes them more likely to move out and into luxury accommodation.
The impact of increased home sale figures has been obvious. The Review Journal highlights the inexorable rise of LV-based luxury home realtors, highlighting how the number of properties on the market has surged spectacularly to reach sales of $8.2 billion in the past year. Luxury homes are being sold and snapped up at extraordinary rates, an interesting byproduct of the volatile market – in turn, that’s creating bigger spaces in the everyday business of real estate.
Prices aren’t cheap, but they are worth it – as every Las Vegas native knows so well. As flush buyers leave the main market to pursue luxury accommodation, things are calming down elsewhere. Buyers and renters have something to look forward to.