Luxury home sales in Las Vegas have surged by more than 40% in the third quarter of this year. At the same time, a medium-priced home for sale only rose 3%, and the price of affordable homes dropped by more than 4%.
Typically, in difficult financial times, the opposite is true, but the reaction to the coronavirus pandemic has had the opposite effect; middle to lower-income earners in Las Vegas have been harder hit by the widespread shutdowns, and are reluctant to enter the housing market.
For five consecutive months, house prices in Las Vegas hit an all-time high. At the same time, availability shrunk, down more than 37.5% year over year.
The ability to work remotely, combined with robust stock prices during the crisis has allowed Las Vegas’ high-income earners to take advantage of record-low mortgage rates, and move into the home of their dreams.
Meanwhile, the lower- and middle-class workers in the Las Vegas Valley must settle for an affordable home for rent. The rental market in Las Vegas has been following a similar trend as luxury home sales in Las Vegas; high-income earners are flocking to pricey condominiums and apartment complexes, with resort-style amenities, such as pools, gyms, and even eSports lounges.
Current Las Vegas residents aren’t the only ones taking advantage of the valley’s housing market; folks from Southern California continue to move to the valley. Once again, upper middle-class people with the ability to work from home, are finding that a home for sale in Las Vegas is a bargain, compared to California real estate.
Las Vegas isn’t the only place in the country with a hot housing market. Nationally, home prices are surging, and a shrinking supply coupled with historically low mortgage rates, are driving home sales.
To put it simply, the Las Vegas housing market, as well as the national market, is highly competitive right now. This is a very good time for buyers looking for a luxury home for sale in Las Vegas, or many other places. Whether it’s Summerlin, Green Valley, or Lake Las Vegas, the chances of finding the perfect home in the perfect Las Vegas neighborhood is very good right now.
Realty Pros can help you to find the perfect home for rent or sale in the Las Vegas Valley. It’s a full-service real estate team that’s helped people call Las Vegas home for nearly two decades. https://www.lvrealtygroup.com/
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