Land prices have been rising in Las Vegas quite rapidly this past year, leaving home builders to find new rural communities scattered around Southern Nevada for new projects.
The majority of the major builders in the region have been investigating properties to purchase in outlying areas such as Pahrump, Indian Springs, Moapa Valley, Mesquite, and Laughlin. As released in a report from Las Vegas-based Home Builders Research.
These areas have seen steady home building in the last few years, however, now might be the time to see an acceleration of more neighborhoods being built to fill the needs of buyers in the lower price ranges.
Land acquisition costs are one of the main factors for homebuilders when they decide how to price their homes. Lately, during Southern Nevada’s housing boom, buying acres in the Las Vegas area has become increasingly expensive.
Small communities an hour or so outside Las Vegas don’t have nearly as many job opportunities or amenities as America’s casino capital. However, they have plenty of open lands, and it typically costs much less. And they can commute easily to where they work.
Our housing market has accelerated over the past year-plus with rapid home sales and record-high prices that were fueled by rock-bottom mortgage rates that have let buyers stretch their budgets.
With house prices increasing fast in Las Vegas, many buyers have looked to Pahrump, an unincorporated town in Nye County some 60 miles west of the Strip.
Just a few years ago a very successful community was built in Pahrump called Mountain Falls, with lots of amenities. One thing is for certain, land prices are less expensive than Clark County, however who knows for how long.
Keep in mind that whether you are interested in buying a home or selling a home, a Realtor should represent you– this person is working for your benefit and will help you navigate through the buying or selling process. We have celebrated selling both New and Resale Homes for over thirty years…..
We are here to answer any questions you might have – just email jennifer@smithteamlasvegas.com
Thanks and make it a terrific day…………The Smith King Team
