Las Vegas Home Values Rising Faster Than US Average Report Shows
Las Vegas Home Values Rising Faster Than US Average Report Shows
Interesting article. Market is still going strong. We all saw a slow period through August and mid September and a slight median (lower) price drop. NEW home sales are rocking right now on the incentives!!! we have the scoop on which properties are handing out the deals... call us today.
By ELI SEGALL
LAS VEGAS REVIEW-JOURNAL
Las Vegas home values are rising faster than the national average, a new report shows, but the rate pales in comparison to recent years.
Nationally, home values are up 5.1 percent year-over-year, to a median of $188,100.
Home values are rising faster in several cities than in Las Vegas. Among them, Portland, Oregon, is up 14.8 percent; Dallas, 12 percent; and Miami, 9 percent, Zillow reported.
A few years ago, however, Las Vegas led the pack, with home values showing roughly 30 percent annual growth. At the time, investors were buying cheap homes in bulk to turn into rentals. They revived a market that was all but wiped out by the recession and sparked talk of another bubble because prices were climbing so rapidly again.
The median home value in Las Vegas in May 2013 was $146,400, up 28 percent year-over-year, the fastest rate among large metro areas.
The median value nationally was up 5.4 percent, Zillow reported.
Eventually, the growth in home values slowed in Las Vegas, as investors, faced with higher prices they helped create, backed out in big numbers.
“Enjoy it while it lasts,” Zillow’s then-chief economist, Stan Humphries, said in mid-2013, “because the housing market will undoubtedly look very different a few years down the road from how it appears now.”
Contact Review-Journal writer Eli Segall at (702) 383-0342. On Twitter at @eli_segall.
Author:Ivy Beller Phone: 702-526-2298 Dated: September 23rd 2016 Views: 812 About Ivy: Over 17 years experience in residential sales, land, multifamily and commercial. Director of sales ...
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"After a few days of "decompressing" and getting our arms around what had just happened to us, we realized we had to call out those of you included in this email. There really isn't an adequate way of expressing our appreciation to you. We thought about adopting all of you, but then that's a little inappropriate. We thought about including all of you in our will, but your share of $1.98 just doesn't go as far as it used to go.
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