Housing market in Las Vegas slows down for first time in years, prices increase

A home is shown in an undated image. (FOX5)

LAS VEGAS (FOX5) - Home prices grew in every zip code in the Las Vegas valley in 2018, according to a new report from SalesTraq. Some zip codes saw more home values go up by more than 20 percent. Realtor Steve Hawks said in 2019, Las Vegas should see home values continue to climb.

“Were going to see more appreciation more people from California coming here, China cash buyers coming here, people from Illinois, New York flooding Vegas because of our great tax structure,” Hawks said.

With so many people moving to Las Vegas, Hawks said it has created a challenge for local buyers.

“We're starting to see locals having a hard time affording houses in certain areas because of the income where people from California are coming in with large down payments: $100,000 to $200,000, putting that chunk of change down on a home," he said.

The valley is also expanding and Hawks said some of the hottest housing areas are where new homes are being built.

"Inspirada is booming, west Henderson, Skye Canyon way out there in the northwest, Lee Canyon property over there is going to be developed for homes,” he said.

Hawks called this the greatest seller’s market ever in Las Vegas and said there’s still a lot of competition among buyers especially for homes priced $350,000 and less.

"It is super competitive right now for those prices, for those homes that value, so if you can buy a house in that price range I would definitely jump on it."

Copyright 2019 KVVU (KVVU Broadcasting Corporation). All rights reserved

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(2) comments

Snowflaker

Isn't this the same thing that artificially inflated the market last time? There's no bubble here..."Pay no attention to the man behind the curtain!"

Snowflaker

Bubble? What bubble?

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