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.
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