How are multi-family homes comparing to single-family homes in Las Vegas?
The overall housing market in Las Vegas is seeing some definite improvements. According to the Nevada Title Executive Summary from ALTOSResearch, inventory is tightening, the number of days houses for sale in Las Vegas stay on the market is falling and demand is increasing.
How is the overall housing market in Las Vegas?
The median listing price for a single-family home in Las Vegas was $150,000 on March 26, 2012. The average price per square foot was $76. Both of these figures show a strong upward trend. In addition, the average amount of time a home stays on the market has decreased significantly to 168 days.
The key characteristics of these homes include a median lot size of 6,501 to 8,000 square feet and a median house size of 2,020, which often includes 3 bedrooms and 2.5 bathrooms, according to the source.
What are the multi-family housing trends in Las Vegas?
Multi-family homes may no longer be the investment they once were. Due to the overall improving housing market, rents are no longer rising in the greater Las Vegas metro area, according to Nevada Business.
As a result, these investments may not bring in as much revenue. However, this is good news for local area residents trying to save money on rent to put toward a down payment.
"Overall we’re starting to see some stabilization with multi-family," Evan Griffith, a real estate professional, told Nevada Business. "Obviously rents have decreased across the board. People who are getting forced out of their homes still feel comfortable renting. We’ve been seeing especially the occupancy in a lot of the multi-family properties starting to stabilize over the last 12 months in Las Vegas, with some sub-markets doing better than others. There is not as much product, so overall we’re definitely seeing some stabilization in occupancy and rents."
This stabilization may help families and young professionals begin to recover from economic recession, as high housing affordability, low interest mortgage rates and increased consumer confidence tempts people into exploring the housing market.
Check out the MLS listings in Las Vegas and consult with a real estate expert to determine if now is the right time to buy.