LAS VEGAS – February home prices in Southern Nevada set an all-time record, even surpassing home prices before the 2008 recession.
Las Vegas Realtors reported February’s median home price in Southern Nevada was $316,000. The previous record-setting median home price was $315,000 in June 2006.
Real Estate Value in Southern Nevada is Growing
“We’ve been waiting a long time for this milestone,” Las Vegas Realtor President Tom Blanchard said. “It might be interesting to talk about how Las Vegas finally broke that record, but it’s also important to remember that it took more than 13 years to do it. If you take inflation into account, you could argue that home prices in Las Vegas should be much higher than that.”
Median home prices in Las Vegas were up 3.6% from January, 2020 and up 6.7% from February, 2019.
Blanchard also pointed out that the supply of homes in Southern Nevada is at historically low levels. In fact, Las Vegas Realtor reported that there is less than a two-month supply of homes available for sale. Las Vegas Realtor noted that a six-month home supply indicates a balanced housing market.
“It’s now safe to say that we’re dealing with a housing shortage,” Blanchard noted. “It’s also true in other parts of the country. People are staying in their homes longer and new home construction is just not keeping up with demand, especially in growing regions like Southern Nevada.”
Living in Las Vegas
Once you get away from the Strip, Las Vegas is much like any other city… except for the slot machines at the grocery store. And at the drug store, movie theaters, the airport and any other business that can get a license. Slot machines are everywhere.
Las Vegas has all the amenities of a big city, incredible shows, the very best restaurants run by top chefs, and all of the benefits of a small town. It’s just as easy to have a swanky night out on the Strip as it is to get out and enjoy nature. Las Vegas is within an easy drive to many beautiful places, including Zion, Bryce Canyon, Joshua Tree, and the Grand Canyon. It’s also a relatively short drive to Los Angeles or Palm Springs for the weekend.
The cost of living in Las Vegas is on par with the rest of the country; the cost of living here is just 1% less expensive than the national average. However, the new median home price of $316,000 is more expensive than the national average.
Unfortunately, the crime rates in Las Vegas are well above the national average, possibly because criminals see tourists as easy marks. Likewise, schools in Las Vegas, and Nevada in general, receive low marks.
The Las Vegas metropolitan area is actually made up of several small cities, including Henderson to the east, and Summerlin to the west. In fact, Henderson and Summerlin are among the most desirable places to live in the Las Vegas Valley. These two cities score high marks for livability, and Henderson is rated as the number one big city for livability in Nevada. Henderson rates above average for schools, crime, amenities, and more. Summerlin is the most expensive place to live in the valley, but it scores well above average for its low crime rates and good schools.
The Downtown Project increases the livability of the Old Downtown area, has catered to the “new” Las Vegans with an array of trendy boutiques, cocktail lounges, and upscale eateries. The Downtown Project also has residential options right in the heart of Sin City. The “new” Old Downtown is developing into the most fun, trendy, hipster place to live in the Las Vegas Valley.
