Las Vegas Listed in Top 5 Single-Family Housing Markets
One of the leading online real estate sites, Ten-X, released their Top Single-Family Housing Markets Report for Fall 2016 recently and Las Vegas was listed in the Top 5 among the 50 largest markets in the United States. Each of the markets listed, including in order, Fort Lauderdale, Palm Beach County, Tampa, Orlando, and Las Vegas, showed a combination of strong consistent demand, home price appreciation, and growth economically and demographically.
Florida Continues to Dominate Single-Family Housing Markets
Florida real estate continues to dominate, even though there was some movement within the top five. Fort Lauderdale overtook Palm Beach County as the top market, while Orlando fell from second to fourth place. Ten-X Executive Vice President, Rick Sharga, said, “Florida’s housing market continues to set the pace for the nation, with five of the top ten metros on our report. While all of the top five markets took substantial hits during the housing crash, especially Las Vegas, the continued road to recovery for these destination cities is looking even brighter.”
Even though Florida was hit hard during the housing crisis, the market has seen their market bounce back thanks to some demographic expansion and solid economic gains. These have stimulated some significant price gains and home sale increases.
Las Vegas Housing Market Tells Similar Story
The Las Vegas real estate market has a similar story to that of the Florida markets. They have had to claw their way back to become one of the hottest markets in the country. They moved into fifth place, displacing Seattle from its spot in the Top Single-Family Housing Markets. “This quarter’s report is a strong reminder of how uneven the housing recovery has been, with a strong performance by cities in the South, Southeast, West and Pacific Northwest, and much weaker trends in the Northeast and Midwest,” noted Sharga.
Las Vegas has continued to move up the list and with seasonally adjusted home prices at approximately $225,000 and up, and sales 15 percent higher than a year ago, they have finally made it into the top five. This is largely due to the all-time high employment levels and the fact that the leisure/hospitality sector is getting back on track. All of these factors contribute to the healing of the Las Vegas housing market.
“The US economy continues to expand in the face of multiple headwinds, including uncertainty in global markets and the upcoming US election,” said Ten-X Chief Economist Peter Muoio. “While inventory and affordability continue to put a damper on sales growth, solid underlying demand should keep sales at a high level and continue driving the housing market. A firm labor market, wage growth, low unemployment and low mortgage rates remain supportive for homebuyers.”