Home prices in the Las Vegas area are up 7.3 percent from a month ago and nearly 31 percent from last year as supply stays short.

With cash investors snapping up houses, Las Vegas’ real estate market has been heating up with rising prices and multiple bids for listings.The median price of single-family homes sold in March was $161,000, up 31 percent from $123,000 a year ago. In 2006, the price was more than $300,000, according to the Greater Las Vegas Association of Realtors.Southern Nevada home prices increased in March and are now 30 percent higher than one year ago.

Las Vegas is the fifth-best market for buying single-family rentals.

Overall, Las Vegas has an average “cap rate” of 9.86 percent, fifth-highest in the country. That rate is a property’s annual profit divided by the purchase price.

This is not going to last forever, inevitably the market will level out and the opportunity to make a great deal of money will have past. All wise investors know the money is made on the purchase.

Brenkus Team Headshot
Phone: 702-526-2298
Dated: April 21st 2013
Views: 880
About Brenkus: Rick and Teri Have been top producers for over 30 years in the Las Vegas area and have been ranked i...

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