It seems everywhere you look, there’s construction around the Las Vegas valley, from hotels to houses. The housing market is trying to keep up as more people move to Southern Nevada.
This year, prices are predicted to reach their highest levels in more than a decade.
More and more people are moving to Las Vegas from out of state. More than 50,000 Californians moved to Nevada between 2017 and 2018. “They usually have a pocket of cash and the values are extremely well-priced for them.
Because of the influx, he expects housing prices to climb this year to an average $315,000 which is the highest since before the recession. However, he said there’s no sign of a crash this time. “Its’ a completely different market and a lot more stable and sustainable.
Construction crews are busy keeping up with demand. There’s new housing developments in Summerlin, parts of southwest Vegas and Henderson, including the master planned community of Inspirada.
‘They’re trying to take care of our housing shortage with apartments because they’re easy to build and we can put a lot of people in one place. With the Raiders coming to Las Vegas this year, even more growth is expected. There’s something for everyone here, and there’s a lot of it.
Between 2010 and 2018, the Vegas area grew by about 61,000 people. Numbers for last year are not yet available.