Real Estate News And Analytics Las Vegas Real Estate Market Returns to Normal by Sylvia Shalhout August 29, 2019August 29, 2019 Sylvia Shalhout August 29, 2019August 29, 2019 At the beginning of 2019, the Las Vegas real estate market was dubbed a seller’s market due to a rise in house prices coupled with a rise in home sales. And although some experts forecasted that the housing market would continue to favor property sellers, reports are now showing that the Las Vegas real estate market has returned to “normal.” Las Vegas Housing Market Trends The Greater Las Vegas Association of Realtors (GLAV) reported that, for the first time in many years, the South Nevada real estate market as a whole has returned to a more balanced market. Thomas Blanchard, the President-Elect of the GLAV, said the market is experiencing the following real estate trends: 3-percent growth and appreciation, a normal amount of homes on the market, a normal amount of buyers, a normal amount of sellers. A normal everyday run of the mill market. Zillow is actually reporting that the Las Vegas real estate market tips more towards a buyer’s market in the 3rd quarter of 2019. So it would seem now is the time to buy a Las Vegas investment property. That’s because even though things have essentially cooled down, Blanchard reports that there is still room for growth for home buyers and Las Vegas real estate investors. The GLAV reported that, in July, the median property price of both single-family homes, condos, and townhouses saw steady year-over-year (YOY) growth: Single Family Homes: 4.5% YOY Condos and Townhomes: 5.4% YOY Blanchard also reports that this kind of growth is sustainable in the future and his Las Vega housing market forecast for the near future and into 2020 shows no signs of a housing bubble or crash for the local market: Look at differences of where we were before when we had a bubble going, and where we are now. There was no normalcy. There was no stability in the market we had prior to the big bubble bursting, so all these things that you’re hearing now are really, really good. What we did before, we’re not doing again, So we’ve learned from the past, and hopefully, not even hopefully, I know that we will not follow the path that we did before. He also said that a national recession doesn’t seem likely either based on the trends in the Las Vegas real estate market: From the real estate point of view, we’re seeing a normal healthy stable market, and until something really changes, I can’t see it. I don’t see it. Now Is the Time to Invest in Las Vegas Real Estate If you want a profitable real estate investment, Las Vegas is the rental market for you. According to Mashvisor’s data, here are the top 5 neighborhoods to invest in: The Strip Meadows Village Downtown Downtown East Winchester If you want to see the real estate stats for these neighborhoods, read: Las Vegas Real Estate Market 2019: 5 Best Places to Invest. Keep in mind that you should look for a long-term rental property investment as Airbnb is illegal in Las Vegas as of 2019. To start looking for a profitable Las Vegas rental property now, click here to search using industry-leading real estate investment tools. Sign Up to Mashvisor Now to stay up to date on the US housing market. Start Your Investment Property Search! START FREE TRIAL Buyers MarketLas Vegas NVNeighborhood 1 FacebookTwitterGoogle +PinterestLinkedin Sylvia Shalhout Sylvia was the Content Marketing Manager at Mashvisor. As a real estate writer, she has been covering topics for the beginner and advanced real estate investor, helping them make smarter decisions as well as real estate agents looking to take their business to the next level. Related Posts April 2019 Saw a Drop in New Single-Family Home Sales Investments Reach All-Time High in US Housing Market Mortgage Refinances Are Up as Rates Drop CA Flip Tax: New Assembly Bill in the Works to Discourage Speculation in Real Estate Mansion Tax Causes NYC Real Estate Sales to Drop Spring Real Estate Market 2019: Find Out What’s In Store Learn About the New Regulations on San Antonio Short Term Rentals Airbnb Party Ban: The Crackdown Continues As Thousands of Suspicious Bookings Are Blocked Coronavirus Impact on the Mortgage Industry 2020 Mortgage Rates Hit a New Low Again in 2020 US Real Estate Appreciation Is Forecast to Remain Steady at +3.7% How the 2022 Russia Invasion of Ukraine Has Affected the US Housing Market Leave a Comment Cancel Reply Save my name, email, and website in this browser for the next time I comment.