In The News: Lied Center for Real Estate
Almost any way you slice it, Las Vegas’ housing market is white-hot.
In Nevada’s housing market, cash is king.
In Nevada’s housing market, cash is king.
Optimism has cooled off a bit since the fall when the economy started reopening and would-be buyers could come to kick the floorboards in model homes again.
The Las Vegas residential real estate market remains as hot as the weather, with the median resale price of a single-family home nearing $400,000.
Las Vegas, dubbed the riskiest housing market in the nation less than a year ago by real estate analyst CoreLogic, is on track to price the working class out of the market by the end of the year, says Las Vegas Realtors president Aldo Martinez, and Wall Street is scrambling to scoop up the rentals would-be buyers will be forced to lease.
Frustration over an ineffective ban on short-term rental properties in unincorporated Clark County and a patchwork of rules across municipalities prompted state lawmakers this spring to pass a bill aimed at standardizing rules and holding hosting platforms such as Airbnb or Vrbo liable for noncompliance with local regulations.
Frustration over an ineffective ban on short-term rental properties in unincorporated Clark County and a patchwork of rules across municipalities prompted state lawmakers this spring to pass a bill aimed at standardizing rules and holding hosting platforms such as Airbnb or Vrbo liable for noncompliance with local regulations.
Choosing a mortgage and buying a home are both big decisions.
More buyers, according to the latest statistics from the Las Vegas Realtors trade group, are closing deals with cash. In May, 31% of all existing homes sold in the Las Vegas area were purchased with cash, which is an increase of 15% from May 2020.
The National Association of Home Builders has said that lumber prices are triple what they were in April 2020, increasing average single-family home construction by nearly $36,000.
Single family rentals have come up as one of the rising stars of post-pandemic commercial real estate.