Since the housing bubble burst in 2008, many regions have struggled on and off trying to recover. It’s been a long and painfully slow economic recovery and it’s still going on, but the good news is that housing markets across the country are rebounding and it looks like it could be a good, long-term recovery. Las Vegas is one of those markets on track for a healthy and stable recovery. Read about the current and future trends in the Las Vegas real estate market for 2016, and why now is a great time to buy in this town!
Las Vegas Real Estate Market Overview
The recent recession was the worst in many decades—some say the worst since the Great Depression—and it could still be a few years before many markets recover fully. Las Vegas was the epicenter of the real estate bust, and the local economy suffered greatly.
Now, however, we’re seeing very encouraging signs in the Las Vegas real estate market. Buyers are picking up properties both new and used in increasing numbers. Homeowners are avoiding foreclosure and getting above water as property values increase. Developers are coming back to the area. Wages are up and unemployment is down.
Foreclosures and Property Values
The Vegas region was hit hard when the economy crashed—harder than most other areas in the country. Over the past few years, however, recovery is clearly evident. Mortgage defaults are down by about 400 from last year and down almost 16,000 from 2009, which is astounding. The increase in property values and wages and the decrease in unemployment have also led to a massive decrease in underwater homeowners—in fact, underwater properties are down by about 50% from where they were in 2012.
The best part of this however, is that these trends continue. Property values continue to rise, defaults continue to fall, and more homeowners are getting above water every year.
Another encouraging sign that the market is on a solid, long-term rebound is that developers are moving back in. When the housing market collapsed, property owners were seeking to unload as fast as possible. New construction stopped and lending ground to a halt. Now, however, sales volume is on the rise and there are new apartment complexes and commercial developments underway. The number of new construction projects continues to grow as well, and it looks like the trend will increase.
In the end, Las Vegas isn’t out of the dark just yet, but it’s well on its way and there’s no reason to believe that these trends won’t continue into the foreseeable future. If you’re thinking that now might be a good time to get in on buying or developing real estate in Las Vegas, you’d be right. Check out some of our commercial sales and marketing services and give us a call for more information today!