Christened as one of the liveliest cities in the world, Las Vegas never disappoints. Its nightlife as well as the gaming history date back to the days of brick and mortar casinos. These are some of the reasons the city attracts innumerable residents. The real estate market is an all-time boom with no foreseeable bursting of the bubble.
Driven by sky-high demand for housing and befitting facilities, this Nevada state city is attractive to real estate giants. The city attracts millions of visitors each year. As the worldly renowned city for entertainment, the nearby Mojave natural desert environment adds to the magnetic forces that keep tourists visiting.
As a major tourist city, Sin City gaming and gambling culture is global envy. Gamers are visiting this city after playing slots online. There are many wesites where you can play free online games however this is my favorite one - link. Websites where I played same slots as in Vegas casino. For example - Queen of the Nile and 5 Dragons. The Las Vegas Strip is home to high-rated casinos and star-rated hotels and resorts. Shopping around all-under-one-roof malls is a great experience for conveners of a majority of conventions that take place in this city.
With over 2.2 million residents in the Metropolitan Valley, the Strip is one of the rapidly growing cities in the US. This translates into a shooting demand for all products and services including real estate hence a rosy future economic outlook.
Las Vegas Real Estate Market 2020 Overview
Going by the real estate statistics in 2019 and in recent years, the Sin City market generally looks attractive. Averagely, the period of 12 months preceding 2020 saw an averagely stable appreciation of 9% in the real estate market. The trend will certainly take shape in the coming few years owing to among others the following reasons:
- High demand for houses;
- Low availability for homes;
- The rise of Airbnb Las Vegas Industry business;
- Increase in the number of local and international conventions;
- The high number of tourists flocking the city;
- Attractive and star-rated mega-resorts, hotels and casinos.
Las Vegas Real Estate Market Forecast 2020
Although some factors influencing the real estate market in the desert city of Nevada and the entire US are subject to changes, the out for 2020 market is attractive for residential, hotel, shopping mall or entertainment joints.
According to the 2020 PWC report on emerging trends in both the Canadian and US real estate trends, the desert city in Nevada enjoys the following rankings:
- Position 46 among the top US markets that you should keep an eye on, on the overall real estate prospects;
- Position 19 for home building plans;
- Position 15 in local sentiments for real estate developments and redevelopment opportunities.
Further, the report argues that demand will remain high in 2020. In as much as numbers speak for themselves, real estate investors concern themselves with factors beyond our naked eyes. The ability to foresee to anticipate the future rightly is what keeps any investor relevant and successful.
As such the question of whether to invest or not calls for a rigorous and expert analysis of the market data. For instance:
Las Vegas’ median listing for houses earmarked for sale is $383, 900 which is 65% higher than the national median listing of $232, 000
Average real estate prices in the Strip are however below some high-end cities (New York $1,128,000, San Francisco $1,649,900, Los Angeles $1,069,400, Boston $875,500, and San Diego $813,500).
Is it a good idea to move to Las Vegas?
Moving to this desert city in Nevada should not be a break decision. There are opportunities that most likely will inform your decision. For example, estimated $ 8,700,000 savings are foreseeable courtesy of Quarterback for the NFL Raiders moving to the Strip as a new home. With a capacity of 65, 000 seats, the new stadium will be Las Vegas' iconic marvel. Taxation in Sin City is relatively friendly for property owners. Like the rest of Nevada, there is no state income tax while the overall tax rates are way below 1%. Property tax stands at 0.77%. There are few counties where the property tax is over 0.25%
What Can I Buy In Las Vegas?
Overall, the Las Vegas house market is full of choices. Whether you are looking for a single-family house or a mansion, the market prices are within your reach. You can be sure of getting value for your money. However, faced with market demand realities, homebuilders are increasingly channeling their investments to attached homes as opposed to single-family homes. For the past year, the sale of attached homes has gone up by at least 17% while the sale single-family homes, which cost $350,000 or thereabouts have slightly gone down by 6%.
The job market in Las Vegas
With the Sin City economy not doing badly owing to steady tourism activities and significant relocations, the expectation is a rise in job opportunities. The recent report by the Department of Employment, Training, and Rehabilitation (DETR) indicates a record number of 1,373,700 employment after Nevada reported at least 3,500 jobs in 2018. Unemployment went down to a paltry 4.9%.
Generally, vacancies for employment will rise in the coming years due to:
- Booming construction development;
- Expected relocation of NFL raiders to their new stadium in Las Vegas;
- Opportunities at Wynn Park;
- Opportunities at the Marriot’s 4000 + rooms;
- Construction of the state of art exhibition hall expected to open its doors in 2021.
While work opportunities are available, property tax in Sin City is ideal. For instance, on average, a home house valued at $350,000 attracts an annual tax of just $1900 to $2,200. Compared to other states, this is relatively affordable. Mostly out of state buyers pay on average property taxes of $5,000 to $15,000 per year.
Buy vs Rent in Las Vegas
The dynamics that come into play in the buy vs rent dichotomy are not unique to Las Vegas. Nonetheless, here are some insights to help you navigate through the decision process.
With at least $300,000, you can easily buy a nice home in Sin City. This is in contrast to other cities like San Francisco where on the average home will cost you $1.4 Million.
Interest rates are at an all-time low, around 3.5% averagely. You can leverage such rates and comfortably buy a home.
Is investing in Las Vegas Real Estate Market a good idea?
Real estate investment in the Strip is indeed a good idea. Of course, there are good deals available with a foreseeable expectation for a rise in Housing and rent prices. For instance, the 2018 summer saw an increase of about 3.2%. Although prices are still relatively low, taxes, on the other hand, are low as well:
- State property tax - 0.77%,
- County property tax- rarely above - 0.25%
Property owners in Las Vegas are relatively friendly. Though late rent payment fees are not limited, the lease agreement must capture them. The comparably low home-buying prices and low-interest rates explain the off-limits renting perceptions in the Strip. Limiting the expansion of the Las Vegas real estate market is largely the desert surrounding the city of which the government owns the land.