If You’re Considering Buying Your First Home in Sin City, Moving From Out of State, or Investing in Local Real Estate Now is the Time
The market is growing rapidly, homes are selling quickly, and investment opportunities have never been better. Here’s a look at key Las Vegas real estate market trends for 2022.
Out-of-State Relocation Is On The Rise
Currently, an average of 130 people relocate to Vegas each day. Most are from out of state, overwhelmingly from California. Here’s why:
- There’s no state income tax.
- Property taxes are low, at around .60%.
- Monthly rent is less than half of California’s median.
- Home purchase prices are almost half of California’s median.
- The weather is ideal year-round.
- Quality of life is high.
Demand is High
With so many people relocating to the state’s largest city, the demand for quality real estate is high. The average home is on the market for around 34 days, which is lightning fast. Since the pandemic began, there’s been a steady increase in homes selling in the 14-day range.
It’s a seller’s market for sure, so buyers must be clear and specific about what they want. They must also act fast when they find a potential home, as they won’t be the only ones submitting an offer.
Real Estate Prices Are on the Rise
As of September 2021, the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service was $406,500. This is up 20.5% from 2020. The median price for condos and townhomes is up 17.6 percent from 2020, coming in at $230,000. It is estimated that property prices will rise at least another 10% in 2022.
Comparatively, median single-family home prices in California raised 20% from 2020 to 2021, with the median prices coming in at $793,100. With real estate prices far more attractive in Nevada, it’s a reason to move.
Renters Are Relocating Too
We can’t discuss Las Vegas real estate market trends without discussing the local rental market. Not only are homes less expensive than in neighboring California, but also rental properties. Rent is up 22.7% from 2020 to 2021, averaging around $1,660 for a small home. One-bedroom apartments are closer to $1,100 per month. This is significantly less expensive than rent in California, and the quality of the rental properties is higher. For example, you can rent a small home with a small yard in Vegas for less than the rent of a tiny apartment in California.
Real Estate Flipping and Investments
Many who buy are doing so to flip and sell older homes or to generate a long-term revenue stream. Generating passive income from annual leases and vacation rental properties is an ideal way to diversify investment portfolios. Between how the population is growing and how fast homes are selling, there’s never been a better time to invest in local real estate. Many investors aren’t tenured investors, but everyday people looking to capitalize on the current market growth.
Ready to Buy or Invest?
These are the key Las Vegas real estate market trends for 2022. If these trends have you inspired to purchase a home, condo, or investment property I invite you to reach out to Mo Suy | One RealtyGroup today. I’ll guide you through the complex real estate process and help you find the ideal property for you, your family, or for investment purposes.
