On average, homes in Las Vegas sell after 54 days. The city is renowned for its diverse economy, which includes low-skilled but high-paying jobs in entertainment, hospitality and services. Las Vegas is also a popular tourist destination, and its employment rate has fluctuated between half a point and a point above the national unemployment rate. This means that the Las Vegas real estate market is currently in a period of stability with the assurance that prices will start to rise.
The president of Las Vegas Realtors, Lee Barrett, stated in a press release that the market is cyclical and that “the sky is not falling.” The first half of the previous year saw an immense surge in demand for housing in Las Vegas, Nevada. You are not only limited to Las Vegas or Nevada when it comes to investing in some of the best housing markets in the United States. On the downside, living costs in Las Vegas can be higher than in other cities, particularly when it comes to housing and food expenses. Beyond the main tourist attractions, Las Vegas has stunning natural beauty and thriving communities that offer affordable living options. Las Vegas home prices have reached new heights, and the market remains attractive to residential real estate investors. Rather than having a couple of condos in Las Vegas, consider investing in a more affordable and stable housing market like Reno.
The good cash flow from investment properties in Las Vegas means that the investment is undoubtedly profitable. When people lose their jobs in large numbers, home prices plummet as they did in Las Vegas about a decade ago. According to the PwC annual real estate report, the Las Vegas real estate market will experience a population growth rate well above the national growth rate.