There are plenty of reasons to move to Las Vegas or Nevada, especially if you currently live in a high-cost/tax-oppressive state, like the one that sits on the west coast and rhymes with “Shmal-ifornia.”
In fact, we’re seeing an exodus of people selling their home in California and moving to Nevada, a trend that started in 2018 and accelerated 10-fold due to the pandemic’s lockdowns, the demise of high-tech cities, work-from-home possibilities, and more.
I can’t blame them, as why wouldn’t you want to live in a fun place with great weather, is extremely business and tax-friendly, and where you can buy a beautiful home for about half the cost that you’d pay in California – or less!
And even though Las Vegas home prices will be a breath of fresh air, you still want to understand your new local housing market and where it’s heading. For that reason, I wanted to present this snapshot of the Las Vegas and housing market forecast for 2021.
So, let’s take a look at where the Las Vegas and Nevada housing market has been, where we are now, where we’re going:
The Las Vegas region has been one of the hottest housing markets in the United States in recent years, starting in 2017. In fact, from 2017 to 2018, the median home sale price in Las Vegas skyrocketed by 30.4% – in just a year and a half! As home prices jumped from $217 to $283, that still seems like chump change for the nice homes and high quality of life Las Vegas offers, but the real estate boom was far from done.
In 2018, Las Vegas was #1 on the list for the hottest real estate markets in the entire U.S. by Realtor.com. That confidence was rewarded, as the Las Vegas market saw 13% price appreciation in 2018.
But 2019 brought a reality check, as Southern Nevada’s real estate market came back to earth a bit. While home price appreciation was still positive, they slowed considerably, and some areas or zip codes saw particular stagnation.
Still, if we look at the big picture -like over the last ten years, we find that Las Vegas real estate prices have grown by more than133% (with an average yearly appreciation gain rate of 8.8%). That also puts Las Vegas on the list for the top 10% of all real estate markets in the country.
2020 was a year of ups and downs in the Las Vegas housing market as well as the economy, as the pandemic caused serious disruption and rampant unemployment since so much of Las Vegas’ job market is tied to tourism and visitors.
Still, we saw an appreciation rate north of 4.2% for 2020. The trend seems to be ticking up, as the Q4 of 2020 saw a 1.5% home appreciation rate, which projects to 6% annually.
That’s consistent with where experts and analysts forecast the Las Vegas housing market will go throughout 2021.
For the whole Las Vegas region, prices are expected to increase 7% over the next 12 months of 2021.
That’s solid if-not spectacular, but home values in certain price tiers and neighborhoods will certainly go up double-digits this year.
For several popular areas, let’s break down the appreciation rate for 2020, as well as the forecasted price appreciation for 2021:
Nevada
2020 Price Appreciation: 6%
Forecast 2021 Price Appreciation: 7.5%
Las Vegas
2020 Price Appreciation: 5.8%
Forecast 2021 Price Appreciation: 7.4%
Henderson
2020 Price Appreciation: 6.1%
Forecast 2021 Price Appreciation: 7.5%
Clark County
2020 Price Appreciation: 5.9%
Forecast 2021 Price Appreciation: 7.5%
Las Vegas-Henderson-Paradise Metro
2020 Price Appreciation: 5.9%
Forecast 2021 Price Appreciation: 7.0%
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If you’re looking to move to Las Vegas or Southern Nevada and would like the most complete and accurate information, download my free guide, Your Guide to Moving to Las Vegas.
Or contact me any time at lance@amenrealestate.com with your specific questions.