Home prices continue to climb across the country, surging more than 6% in 2017 from 2016.
Our own Las Vegas is one of the country’s most prominent in terms of growth in home value, with houses now worth 10.2% more than they were a year ago.
The numbers were reported by Standard & Poor’s CoreLogic Case-Shiller national home price index.
Washington, D.C., showed the least amount of growth among the top 20 markets tracked by the index at 3.1%.
While inventory strains are driving increases in home prices here in Las Vegas, we can’t ignore the benefits of job growth, both locally and nationally.
Unemployment numbers have consistently dropped over the last couple of years.
The Las Vegas valley has been experiencing a surge in new development, both on and off The Strip. Between professional sports franchises and entertainment venues, the diversity of work available continues to grow well beyond the casino floor.
In November, national home sales surpassed the 2006 peak in terms of volume, something few people would have forecasted even a couple of years ago.
That said, home prices in Las Vegas specifically remain significantly below the pre-crash peak, which is probably a good thing. Las Vegas doesn’t need another re-hashing of those conditions.
Stock market gains are another factor in the current state of housing, and an indicator of overall economic health.
Augmenting the positive metrics in the real estate market is of course 30-year mortgage rates, which are averaging 3.94%, down from 4.30% the year before.
An unfortunate byproduct of the housing market growth is prices outpacing wage growth by almost double, meaning fewer people are going to be able afford homes in the coming years.
Median home price in Las Vegas is currently hovering around $236,000, according to real estate listing portal Zillow.com. That mark indicates an impressive 14.4% jump from this time last year.
However, the median price of homes currently listed in Las Vegas amounts to $284,640.
Real estate market forecasters predict that the 2018 spring buying market will ramp up early this year because of the low inventory issues.
CENTURY 21 Gavish Real Estate agents are at the ready for your 2018 housing goals, prepared and happy to help.