Single Family Home Price Changes Over Time
video illustration of home prices
Posted: April 18, 2018 at 12:00 AM by John McClelland
Improving local fundamentals, which include job growth, population growth and strong visitor volume, is helping to cause effective demand for housing in Southern Nevada. Additionally, the market remains a key destination for retirees and snowbirds.
Las Vegas has gone from boom to bust to something that looks more like normalization. Demand factors like employment are back above pre-recession highs and population is about 2.25 Million, implying a demand for at least 830,000 housing units and likely more. However, the real story as of late has been lack of available housing supply. Although Class A apartment builders and single family homebuilders are the busiest they have been in years, it simply hasn’t been enough and subsequently we have seen vacancy rates decline and prices and rents go up. After stealing housing supply from the future during the bubble, so little supply had been added during and following the recession that we see too many buyers for too few homes. The result is climbing home prices. The video below gives viewers a quick view of just how far prices have come since prices bottomed in 2012.
Las Vegas Home Prices from Coldwell Banker Premier Realty on Vimeo.