In an article posted at Realtor.com, Las Vegas was names as on of the top-ten most recovered real estate markets since the COVID-19 crisis started. Businesses are closed, the economy is horrible, people are out of work yet the U.S. housing market is bouncing back. “Housing tends to be immune from economic downturns and slowdowns,” says realtor.com Director of Economic Research Javier Vivas. That’s excluding the past recession, which was caused by a housing bubble. “Right now we’re seeing markets recover faster where they’re able to contain the virus better.
Home buyers are in a good place because mortgage interest rates are at an all-time low, but inventory is running low in Clark County as home prices rise. If a buyer is looking for a home in Las Vegas or Henderson, this is not the time to procrastinate as we move into a “sellers” market. These days, sellers are smiling all the way to the bank and buyers have a lot of competition. Especially with a price point of under [$400,000], we’re looking at multiple offers on properties. Prices are definitely not going down, they are slowly creeping up. The median price for a home in Las Vegas is $325,000 dollars, which set a record for June.
The housing market has received a big boost from lower interest rates and people fleeing city centers in the wake of riots, looting, and months-long lockdowns. Many of the things that made city life desirable—from cultural institutions like museums, to amenities like bars and restaurants, to quick commutes via mass transportation—remain shuttered or are now seen as undesirable. Remote working, which many big-city companies now say will continue through the fall, puts a premium on having space at home to work—something that can be hard to come by in city apartments.
From a video published by Altos Research in July, they expect home values to remain strong through October.
Recently sold homes priced between $350,000 and $450,000