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Las Vegas Real Estate Information (March ）)

Hello,

Finally, March is about to leave, and although I thought summer had come all the way through spring, it has been chilly again in Las Vegas as of late.

Now, as of the end of March, the Las Vegas housing market has not changed significantly from the previous month. Overall, the number of properties for sale is up and prices are trending slightly lower: according to the MLS monthly data, the median price for single-family homes was $485,000 at the end of February, the same level as January, and the median price for condos and townhouses was $303,000. Inventory numbers continue to increase, and listings are experiencing longer listing durations.

By the way, Brian Gordon, president of Applied Analysis, gave a presentation at Las Vegas Realtor's general meeting this month. This company provides extensive analysis of Nevada's economy and industry, and was very informative in understanding what is happening in Las Vegas today.

First, let's talk about the growth of Las Vegas. Today it is one of the fastest growing metropolises in the United States, with a population of approximately 2,400,000.

A major driver of this growth is the migration of people from states such as California, Florida, and Texas. The new residents bring with them higher levels of education and higher incomes, which they describe as increasing the demand for housing. On the other hand, significant issues regarding housing supply and and infrastructure development have arisen.

The core industries are still casinos and tourism. As you can see in the accompanying graphs presented by sector, we noted a higher percentage of government jobs than construction jobs. One problem with housing expansion is that 80% of the land in Nevada is owned by the federal government, which seems to be a major limitation on development. California, 6.3% in Florida, and 5.2% in Texas are considered government owned, compared to 33% in California, 6.3% in Florida, and 5.2% in Texas. Last month, I raised concerns about further Samarin land development, but in addition, there are water issues, so development will not be easy.

Currently, the average household income in Las Vegas is reported to be about $75,000 per year, and it takes an income of about $120,000 or more to purchase a typical home (3 bed, 2 bath median income) and live comfortably. The approximate cost of building a typical new home is reported to increase to $ 392,241 in 2022 and $ 428,215 in 2024, a 64.4% increase in construction costs. Housing prices in Las Vegas are a major challenge, but skyrocketing prices are also unavoidable.

However, Las Vegas has bright prospects for job growth, with major $30 billion projects underway. Notable projects include the A's （ MLB Athletics ） new stadium construction, a movie studio development south of Samarin, and major renovations to several luxury hotels. （ As an aside, I am a little surprised that taxpayer money is being spent on hotel renovations. ？ Of course, I have always supported the development of Vegas from the shadows, so I am not complaining ） In addition, the Brightline high-speed rail connecting Las Vegas and California and the expansion of Harry Reid International Airport are underway. These developments are expected to attract more tourists and residents.

Finally, according to a recent survey by Applied Analysis, 72% of Nevada small business owners say they are optimistic about the future of the local economy. The opinions of business owners, who experience economic trends firsthand on a daily basis, are a very important indicator for us.

The Las Vegas housing market and economic environment has many challenges, but the economic forecast remains optimistic and full of promise.
If you are considering relocating or investing in real estate, please take a look at Brian Gordon's analysis.

[Contact]

• Junko Shimada/Realty One Group
• 10750 West Charleston Boulevard #180, Las Vegas (Summerlin), Nevada, 89135 アメリカ合衆国
• [TEL]+1 (702) 635-6249

Please feel free to contact us for any real estate needs from Japan and other states. We mainly deal with properties throughout Las Vegas ・ Henderson.