One of the states that was hit hardest by the economic crisis of 2008 was Nevada. Since then, home prices have been coming back. Las Vegas home prices fell the most during that time, but have also rebounded significantly.
Las Vegas home prices were hit hard by the 2008 recession. In that time, residents saw the value of their homes plummet by as much as 60%. Since then, the recovery has been steady.
As of 2018, the housing market in Nevada has rebounded by as much as 93%. However, those percentages don’t tell the whole story. Despite the gains, Las Vegas home prices still remain the furthest from the pre-recession value.
In all, home values are still 23% below the pre-recession peak. The vast majority of Nevada’s residents live in Las Vegas and the surrounding area. While the recovery has been steady, it isn’t all the way back yet.
The median sales price of previously owned single-family homes, the bulk of the market, peaked at $315,000 in mid-2006 and hit bottom at $118,000 in early 2012. As of January, it was $265,000, according to the Greater Las Vegas Association of Realtors.
The report by the Greater Las Vegas Association of Realtors paints an attractive picture of Las Vegas home prices for would-be buyers. While values are on the rise, there are still deals to be had.
If the recovery continues to pre-recession levels, a $300,000 home can be had today for roughly $40-$50,000 cheaper than what it may be worth in a few year’s time.
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If you’re considering moving to Nevada, Las Vegas home prices shouldn’t concern you. The current real estate market closely mirrors the average US home prices and a booming Las Vegas economy should be seen as encouraging.
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