Las Vegas Housing Market
In many respects, the news in 2020 was pretty dismal. But we are here to bring you some hope for 2021. If you’re thinking that the new year is time for a fresh start, we invite you to explore the Las Vegas housing market. When the national and global economies have faced uncertainty, the housing market in Las Vegas is booming. What then, you may ask, is the secret to Sin City’s success?
Low Unemployment Rates
Low unemployment rates are one key contributing factor to the housing market success in Las Vegas. Since April 2020, when the COVID-19 pandemic began in earnest, Nevada’s unemployment rate has declined. The state’s unemployment rate is currently about 13 percent, almost half the rate earlier in the year. The fact that the unemployment rate dropped significantly also shows that Las Vegas has a positive economic recovery from the pandemic.
Supply and Demand
Demand for housing in Las Vegas is high, and supply is fairly tight. In 2020, demand for housing in Las Vegas and the surrounding area outpaced supply. That means home prices are increasing, and sellers receive close to the asking prices for their homes. If you are thinking of tapping into the Las Vegas real estate market, a mortgage company Las Vegas can help you find a loan to make your dream home more affordable. Loans are available for single-family and multi-family homes in a variety of categories. And even if your income or credit score is less than average for a conventional loan, you may still be able to get an FHA loan Las Vegas to buy your dream home.
Pre-Pandemic Growth
Just as Las Vegas has made a positive recovery following the start of the COVID-19 pandemic, its housing market was moving in the right direction before the pandemic began. The city’s housing market showed strong growth even at the start of 2020. In September 2020, the median home price in Las Vegas was 8.5 percent higher than the same time in 2019. As of September 2020, the sale of single-family homes in Las Vegas was nearly 19 percent higher than home sales in 2019. The positive trajectory of the housing market, experts say, shows that the city’s economy is fairing well as the rest of the United States and the world adjust to a “new normal” mode of living.
Stylish Living in Las Vegas
There are many reasons why homes in Las Vegas are in high demand. One is aesthetics. In Las Vegas, you’ll find a wide variety of appealing home styles to choose from. If you find your dream housing style, be sure to ask about fixed rate home loans Las Vegas to make getting your dream home more realistic. Some of the most common types include:
- Mediterranean
- Pueblo
- Ranch
- Spanish
- Tudor
- Tuscan
Mediterranean
Mediterranean homes give you a taste of European living right in the Southwest. They feature low-pitched roofs, terracotta tiles, and elegant arch motifs. Many also include balconies that are ideal for soaking up the sun and scenery of Las Vegas.
Pueblo
Pueblo-style homes are made of mortar, concrete, or stucco. A sleek appearance and dramatic angles define them. Along with providing a beautiful living space, the thick materials are made to provide natural heating and cooling, which can lower your utility expenses.
Ranch
Ranch-style homes debuted in the 1950s. They are usually designed in an “L” shape, and some even have attached one-car garages. A gable roof and open, airy feeling are hallmarks of this home style.
Spanish
Spanish-style homes will also give you a European sense of living. However, they are generally more historic in appearance than Mediterranean homes. Spanish-style homes include tiled roofs and stucco walls, visually appealing and reprieve from hot summer temperatures. Balconies are other elements commonly found in Spanish-style homes in Las Vegas.
Tudor
Tudor homes have a distinct style reminiscent of a medieval European village. Stucco or stone walls are key characteristics of Tudor homes. Many also have exposed timbers. Tudor homes may also be designed in an L-shape, but some are also designed in the shape of an “H.” If you’re looking for a classy home, a Tudor is an excellent option to consider.
Tuscan
Tuscan homes bring a taste of Italy to life in Las Vegas. They also feature stone and stucco exterior designs. However, Tuscan homes also have a rustic feel that you won’t find with other European-style homes. They are finished with earth-colored paints and have simple but tasteful windows designed to maximize light exposure in the house. Some Tuscan homes even have a courtyard or garden for a touch of elegance.
Affordable Housing Las Vegas For Quality of Life
Along with the exceptional array of housing styles, quality of life contributes to Las Vegas’s housing market success. Las Vegas has something for everyone with nightlife, shopping, fun and entertainment, and proximity to nearby outdoor recreational areas. The city is also home to excellent healthcare facilities, and you will find many top-rated golf courses. With a major airport offering flights across the United States and international destinations, it’s also easy to travel from Las Vegas and have friends and family visit from nearby locations.
From competitive housing prices to beautiful homes and quality of life, there are many great reasons to consider getting a home in Las Vegas. If you’re ready to explore Sin City’s housing market, don’t hesitate to contact us for assistance today. (Read how to apply for a home mortgage here.)
