Nevada Real Estate Market

NEVADA'S POPULATION GROWTH

The thrust of economic development in Las Vegas, Nevada is greater than anywhere in the United States, and greater than anywhere on the planet earth. The gaming industry alone has spent 20 billion dollars over the last 14 years. This incredible economic growth, combined with available land, water and a political climate favorable to development has led a very strong market for both new and resale homes.

As of June, 2004 the median price for an existing home in the Las Vegas area is just over $250,000. It has been a wild ride for the last few months with many buyers chasing the few listed properties. Now the market seems to be changing. As of June 13, 2004, "5,481" homes are listed for sale on the local Multiple Listing service. On May 21st, 2004, "3,832" homes were listed for sale. That is over a 30% increase in resale homes availability in just the last 23 days! In 2003 saw the regular appearance of "waiting lists" of homebuyers in subdivisions in all price categories. This is also changing somewhat. I know of developments where you can walk in and go to contract to buy today. A month ago such opportunities did not exist.

The demand, lack of available land and low interest rates have led to the price increases of the last year. A few years ago developers where paying around $100,000 an acre for raw land. Now, the price is running around $400,000 an acre. The land shortage is the primary reason that prices will continue to rise. By some estimates, at the present rate of building, we will be out of developed land within the next 12 years. Keep in mind that the Government owns 90% of the land in southern Nevada. The land shortage is real, but the market does appear to be stabilizing.

The Nevada State Demographic Office projects a 2018 population of 3.5 million, an increase of 1.5 million from 2000. Nevada's population could easily pass 4 million in 2025 and reach 5.5 million in 2050

Florida Real Estate Market | Nevada Real Estate Market
Arizona Real Estate Market

Plan

If you cannot view file click on link below and download Adobe Reader

Site Designed by
GlobalAMS