LAS VEGAS' DEMOGRAPHICS
- Las Vegas is a beautiful city of million-lightbulb signs and fantastic architecture.
- It is an internationally renowned major resort city.
- It is known primarily for its gambling, shopping, fine dining, entertainment, and nightlife.
- It is often known as “The Entertainment Capital of the World” – because of its “broad scope of entertainment options including nightlife, shows, exhibits, museums, theme parks, pool parties, and so on.
- Las Vegas has 68 beautiful parks.
- It is one of the country’s leading vacation destinations, drawing far more tourists than the Grand Canyon or Yellowstone National Park.
- More than 41 million people visit Las Vegas each year.
- Over 22,000 conventions are held in Las Vegas every year.
- It has been one of the fastest-growing major cities in the United States.
- It is the most populated city in the state of Nevada and the 28th-most populated city in the United States.
- The current metro area population of Las Vegas in 2020 is 2,699,000, a 2.98% increase from 2019 – Macrotrends.net.
LAS VEGAS HOUSING MARKET STATISTICS
- The most prevalent building type in Las Vegas single-family detached homes.
- The city has a mixture of owners and renters, with 51.07% owning and 48.93% renting – “Neighborhoodscout.”
- Las Vegas is in the top 10% nationally for real estate appreciation.
- Las Vegas real estate has appreciated by 99.29% over the last 10 years.
- Which amounts to an average annual home appreciation rate of 7.14%.
- From 2017 t0 2018, in 2 years, the home prices rose by roughly 30.4%.
- The median home value is $288,195 – Zillow.
- The market is currently cool – It is the right time to buy a property.
- 18.2% of Listings had a price cut in Feb 2020.
- 3.4% 1-yr forecast till Feb 2021.
- The average days on market is 91.
- Las Vegas rental real estate market remains healthy and affordable for most renters.
- The median rent price in Las Vegas is $1,500.
- There’s also no slowdown on the horizon for the number of people moving to Las Vegas.
LAS VEGAS' ECONOMIC & JOB GROWTH INDICATORS
- The Las Vegas Valley as a whole serves as the leading financial, commercial, and cultural center for Nevada.
- Las Vegas is home to more than half of the 20 largest hotels in the world.
- There are more than 150 casinos and roughly 150,000 hotel rooms in the Las Vegas valley area.
- Las Vegas annually ranks as one of the world's most visited tourist destinations – famous for its mega casino-hotels and associated activities.
- Diversified Economy is driven by health-related, high-tech, and other commercial interests.
- The primary drivers of the Las Vegas economy are tourism, gaming, and conventions, which in turn feed the retail and restaurant industries.
- Mining constitutes the mainstay of the region’s industrial sector.
- Most of the manufacturing plants are concentrated in the communities of Henderson and North Las Vegas.
- No state tax for individuals or corporations, as well as a lack of other forms of business-related taxes, have aided economic growth.
- Construction is also a significant component of the economy.
- The government is the metropolitan area’s single largest employer.
- The low unemployment rate of 3.5% as of Dec 2019 – U.S. Bureau of Labor Statistics.
- The average weekly wages for all industries in Las Vegas Metro Area is $950 (the U.S. = $1,093).
These are just some of the highlights that make Las Vegas a great place to live and invest in real estate. The list can go on and on. Let’s continue to explore the Las Vegas housing market to understand what it will look like in 2020.
Please note that real estate prices are deeply cyclical because its demand side is impacted by economic cycles. Much of it is dependent on factors you can’t control. The recent example is COVID-19 which has badly impacted our economy. Therefore, many variables can potentially impact the value of the real estate in Las Vegas in 2020 (or any other market) and some of these variables are impossible to predict in advance.