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Living the Life: The Latest in Las Vegas Real Estate

During the Great Recession, the Las Vegas real estate market took a tremendous hit. Numerous homeowners were forced into foreclosure, many development projects were put on hold and home prices plummeted to historic lows. However, several years later the landscape looks very different for this unique and exciting American city. Home prices are on the rise, as are sales of new and pre-owned homes, making Las Vegas once again a top destination for those seeking to relocate themselves and their families.

According to the Greater Las Vegas Association of Realtors, the median price for a single-family home in Vegas was just under $220,000, which was up over 10 percent from one year ago. Despite the price increase, it’s clear homes are still extremely affordable for families looking to purchase their first homes or upgrade from their existing ones. In fact, more than 3,000 single-family homes were purchased in June, which was up over 14 percent from June 2014. And along with the homes that were purchased, there were still nearly 7,500 homes available as well, which was an increase of four percent over this time last year.

Indicating a healthy market for both buyers and sellers, various development projects that were put on hold are once again going full steam ahead. One of the most anticipated ones has been Ascaya, a luxury-home project set in the mountains just outside of the city. The 313-lot development, put on hiatus during the recession, has been selling lots to buyers over the past several months. The mansions, which will cost $3-$5 million to build, will offer breathtaking views and a close-knit community feeling for those living there. And even better for buyers, the prices for the land tracts have come much cheaper than anticipated. Most lots, which range from 1/2-1 acre in size, have cost between $800,000-$900,000 and have been considered bargains. Home mortgage calculator here.

As yet another sign of the healthy real estate market in Las Vegas, investors have returned to start purchasing properties in record numbers. With some of the fastest rates in the nation, Vegas investors have been interested in purchasing single-family homes and apartment complexes to add to their already expanding portfolios. Institutional investors, who are defined as those purchasing at least 10 homes per year, bought nearly two percent of all homes in Las Vegas during the first half of 2015. This matched the national average, proving the local real estate market is alive and well.

While it’s said what happens in Las Vegas stays in Vegas, it’s clear that what’s happening in Las Vegas real estate is something special. As both a buyer’s and seller’s market, Vegas is poised to continue its rapid growth.

Contact us and we will help you find your next home!