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Home » Las Vegas Named Top Housing Market for 2018

Las Vegas Named Top Housing Market for 2018


Las Vegas has been named the top housing market by Realtor.com! In order to be on the list, the city has a strong economic market and have affordable housing. A good chunk of Las Vegas’s economy centers around casino industry. More attempts have been made over the years to bring new businesses to Las Vegas and diversify the local economy. Attempts to bring more businesses to Las Vegas have been met with some success and the casino industry has been doing well.

 

Why is Las Vegas the Top Housing Market?

Stephen Miller, director of the Center for Business and Economic Research at the University of Nevada, Las Vegas, also notes that Las Vegas is one of the major Western metro areas with the lowest home prices. A huge amount of people moving to Las Vegas come from California. Compared to California, living in Las Vegas is cheaper.

Due to more people moving to Las Vegas, the supply of houses has decreased. Bryan Kyle, a local real estate broker, states that the low inventory is keeping the Las Vegas real estate market hot. There is more demand for housing because the influx of people moving into Las Vegas. As a result, there are houses available. Furthermore, low interest rates and underwater homeowners not selling their property are causing less inventory.

The median price has increased by almost $30,000 since the beginning of the year. People who have recently bought a property because they are gaining home equity quicker. On the other hand, people trying to buy a house have had to pay more for a house as the year went on.

The house prices in the Las Vegas Valley has been climbing upward. Rent and home prices have increased. Even so, renting and buying a house in Las Vegas is still affordable. Overall, this is excellent news for homeowners.

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