Why is the Las Vegas housing market red-hot for 2022 even though the Strip turned into a veritable ghost town throughout lockdown in 2020? That question is on our minds, and it should be on yours.
All you need to know is that now is the time to get into Las Vegas real estate investing. There's a lot more to the location than casinos and buffets, and investors are seeing real value for the long term.
Maybe you're a little interested. It's time to be a lot interested.
You don't want to fall behind on the times, so stick with us and keep reading to learn some investing secrets for the burgeoning Las Vegas real estate.
Biggest Trends in Las Vegas Real Estate Investing
Here are the biggest trends to consider when investing in real estate for the area. This covers the city center as well as the less-known suburbs; as investment properties, all areas are exciting.
High Demand for Homes
As other megacities become prohibitively expensive for anyone other than the rich, people are moving to Las Vegas because of the lower taxes and overall prices on goods.
Investing in a Las Vegas property can lead to real returns because prices on homes are at an all-time high due to demand.
This is because first-time homeowners are attracted to the area due to its relative affordability, while second-time homeowners are driven to sell and buy a second property because of the high prices.
The growth will only continue, so now is the perfect time to get into the market. Keep your eye on the news for the best investment windows.
Condominium Market Growth
As homes fly off the market, people are still trying to move to the area. These people are looking at condominiums as a potential place to live. This will be the case for a while.
Condominiums in the Las Vegas area are a definite investment yes because you'll assuredly be able to sell or rent out to someone looking for a place.
Renting is highly popular in this area because people like to be close to the work and entertainment opportunities in the Strip.
Las Vegas has suburbs? Well, yeah.
These houses are becoming increasingly popular for the people that want to have the amenities of the city while living slightly apart. There's enough room for people to have their own yards and pools, and these homes tend to come at a cheaper price.
Prices, again, are on the rise as more people are looking to move out to the suburbs.
We've done the math for you.
The best neighborhoods to invest in right now in Las Vegas for the best returns are as follows. If you're looking to do research on the area, definitely start here.
- East Las Vegas (median price of a home: $361,970)
- Michael Way ($337,998)
- Buffalo ($588,077)
- Paradise ($491,377)
- Winchester ($401,902)
- Twin Lakes ($368,743)
Overall, the median property price in Las Vegas sits at $636,953 for 2022. This means there's tons of room for growth, so look for other competitors to enter the market soon.
We've armed you with a number of tips on the burgeoning area of Las Vegas real estate investing. Overall, the area is seeing tons of growth despite the downturn of the economy due to Covid-19 restrictions.
We estimate that the area will only grow more desirable to investors, potential tenants, and potential homeowners alike.
Interested? Consult an expert today on what it's like to manage a property based in this area.