Hey there, homebuyers and real estate enthusiasts! Want to know what’s cooking in the Las Vegas real estate market this year? Well, you’re in for a treat because we’ve got the scoop.
According to a fresh report from the real estate gurus at Zillow, the Las Vegas Valley is set to be the 12th “hottest” real estate market in 2024. But what exactly does that mean? Let’s dive into the details.
Viva Las Vegas!
Zillow, the online real estate powerhouse, recently ranked 50 major metropolitan areas across the United States. They took into account factors like home value appreciation, time on the market, and other juicy tidbits to determine the hottest real estate markets for the year ahead. So, what’s the verdict for Sin City?
Las Vegas might experience a slight 1 percent drop in home prices in 2024, but don’t let that cool your excitement. After all, we’re bouncing back from 2023, which was, unfortunately, the worst year for real estate since 2008. But fear not, there’s a silver lining – an increase in home sales is on the horizon.
The Numbers Game
Let’s talk numbers, shall we? The current average home value in the Las Vegas Valley is hovering at $400,354. While that represents a 1 percent dip compared to last year, it’s important to note that we hit an all-time high of $427,350 back in August 2022. So, even with a slight drop, the market is still pretty hot!
Now, you might be wondering, “Why is Buffalo, N.Y., the hottest market of 2024?” Well, it turns out that high job growth in the area has put Buffalo in the spotlight. But don’t let that steal Las Vegas’s thunder!
Affordability and Quality of Life
Merri Perry, the President of Las Vegas Realtors, knows a thing or two about the local housing market. She reminds us that Las Vegas has always been an affordable alternative for our friends from California looking for a change of scenery. And that’s one trend that’s not going anywhere!
“Las Vegas has been one of the nation’s hottest housing markets for most of its history,” Perry proudly states. “As long as we are a better value and have a great quality of life compared to neighboring states, like California, we’ll continue to rank high on these lists.”
In fact, in 2023, the Las Vegas Valley claimed the 27th spot on the list of hottest real estate markets, so we’re definitely moving up!
Accelerating Market and Bright Prospects
Anushna Prakash, a data scientist at Zillow, spills the beans on what’s happening behind the scenes. She notes that Las Vegas experienced a significant shift in the real estate market in 2022. Demand was off the charts thanks to low mortgage rates, but as rates started to climb, the market cooled down.
However, things are looking up! Listings are spending less time on the market compared to pre-pandemic averages, and there are promising signs of growth. Prakash even hints that a potential drop in interest rates this year could be just the ticket to kickstart the local market.
So, there you have it, folks! Las Vegas real estate is still sizzling hot, and despite a few dips and twists, the market is showing all the signs of bouncing back with a vengeance. Whether you’re a homebuyer or an investor, keep your eyes peeled because Sin City’s housing scene is one to watch in 2024!
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Thanks and make it a terrific day.