Las Vegas has always been the place where people go in hope of finding their dream pot of money waiting for them. They might be farther ahead by looking at some of the phenomenal resale home prices that have glutted the market. There are over 10,000 homes for sale in Las Vegas, and 5,000 homes were sold in 2013 to date.
Although Las Vegas real estate is selling for more than it was 5 years ago, there has been a slight decrease in the sales price in the past month. However, consider a 3 bedroom property that sold for $160,000 recently, and a similar property sold for $152,000 three months ago in August 2013, but a similar property sold for $128,000 one year ago.
There has been a 36% increase in the Zillow Home Value Index for the past year. The price change in resale Real Estate in Las Vegas NV is dramatically different from the $110,000 median sales price in 2012 to $166,000 in 2013 to date. These value numbers are just guides to what the prices in Las Vegas are in some areas. The most popular neighborhoods in Las Vegas include Las Vegas, Sunrise Manor, Summerlin, Sumerlin South, Spring Valley, and Winchester.
The home prices that are reported only indicate that homes sold for that number, but the home you want may not be in that price group at all even though it will still be a good value compared to a year ago in most instances. The condition of the home, the curb appeal, the amenities that are on the property and in the house all become relevant to the price. Real Estate Las Vegas NV has many homes that are priced to sell in today’s market.
Hendersonville homes are priced higher than Las Vegas properties, and Las Vegas offers a greater choice of condos. However, Las Vegas has the greatest potential for price appreciation, because the city will never lose its attraction as the entertainment mecca of America. The progression of price increases in the Las Vegas housing market will keep pace with the price increases in major metropolitan areas. Las Vegas has proven to also be susceptible to price fluctuations like most of the U.S. has.
