This year (202) has been surprising in Las Vegas. Starting the year seemed normal, people moving to Las Vegas and families and individuals following through on plans they had made for the year. Covid19 changed everything and at first it really had a negative impact on the market but starting in May-June the market started to pick up and then really became hot.
Inventory was so low and new buyers actually increased mid year. Many people decided to move here from other states like California, New York, New Jersey and the midwestern states like Michigan and Wisconsin. This caused prices to increase this year as opposed to the decrease everyone expected during a shutdown. We currently have very low inventory and a large amount of people wanting to buy here. New home communities are selling very fast, most builders have dozens of homes being built at one time and some neighborhoods like “The Mesa” by Toll Brothers have an 18-24 month wait to build a home in the community.
Many Brand new neighborhoods are starting in January due to Builder confidence and consumer demand.
Low Interest Rates
The major driver of demand is low mortgage rates. $1800 can buy you a $400,000 home in Las Vegas, which is an above average home here, sometimes even with a pool. New homes around $400k are available and attractive near better schools, new parks and shopping. Our last three clients here at The Rosenberg Group have bought with mortgage rates of 2.5-2.7%.
Helping Our Clients!
Our group here within Realty ONE Group, Inc is ready to continue helping clients through the process of choosing their lender, getting the best possible rates and pursue their dream home. We expect to represent dozens of buyers in the next few months with high quality advice and informing our clients of the best options available to them.
Team Leader- The Rosenberg Group
Realty ONE Group, Inc.