The Las Vegas real estate market is booming in 2016, as home prices, appreciation rates, and home affordability continue to skyrocket past the national average. The median home price for Las Vegas real estate was $242,300 during the second quarter, compared to the national average of $239,167. Gains in the last three years have extended the trend of positive price growth since the recession. With both home prices and appreciation rates continuing to surge past the national average, running on all cylinders is an understatement for the Las Vegas real estate market in 2016, and the trend should continue in the second-half.
Las Vegas, NV Real Estate Market Statistics:
Despite being a poster child for the real estate bust in 2006, Las Vegas real estate investing continues to gain steam. The one-year appreciation rates for the Las Vegas real estate market were 12 percent during the second quarter of 2016, while the rest of the country saw its homes appreciate at 4.9 percent. Like Miami and Los Angeles, those numbers get dramatically better during the three-year mark, which saw homes in Las Vegas appreciate at a rate of 41 percent compared to the national average of 17.8 percent. That said, price appreciation and principle payments in the last three years have boosted total equity growth since the recession. For those considering Las Vegas real estate investments, the following provides a breakdown of appreciation rates in previous years:
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