Las Vegas, NV is an infamous city. The glamour and glitz of casinos lining Las Vegas Boulevard are the first things anyone thinks about when they hear “Vegas.” And while the gambling industry is the primary driver of the Las Vegas economy, there is a whole assortment of other reasons to be in Las Vegas besides gambling. Vegas is chock full of entertainment and adventure; from conventions, concerts, comedy shows, and magic acts; to Hoover Dam tours, Red Rock Canyon excursions, hiking along the Grand Canyon West Rim and camping on Mt. Charleston.
There are clear signs the Vegas housing market is still booming. It is clear the overall outlook for homes sales in Vegas is hedging towards long-term stability. Home prices in Vegas are again running below the national rate but not by much. The median home price sits at $225,830 which is just under $14,000 lower than the national median. Probably explained by Vegas having a longer road to recovery than most other areas as it was nearly devastated by the housing crisis of 2008. Still, there is substantial growth across the board as evidence. For instance, the rate at which vegas home have appreciated over the last three years began to level out this year. But the previous three years have seen a 65 percent increase in total.
The economy in Vegas is driving the growth in the housing market. Industry professionals who watch the economy of Vegas believe the economy in Vegas is still going strong and the recent mass shooting on the strip will not severely impact the tourism, entertainment nor gambling industries. This last attack will not have as significant an impact on the Vegas economy as the travel bust after 9/11.
Jobs are coming back to Vegas. Job growth in Vegas has had a slow and protracted recovery. And while still not quite fully restored; Vegas is making headway in the effort to bring jobs back to town. The unemployment rate of Las Veg sways higher than the national average by a little over 1 percent. However, just two years ago the unemployment rate sat at 9.7 percent and this year it has dropped down to 7.1 percent. While those figures are still below the national average, it does mean that things are moving in the right direction.
With all the great entertainment and outdoor activities, Vegas is a great city to live in if you love adventure and trying new things. A bustling economy and unemployment steadily dropping have given the people of a Vegas a sense of recovery from the financial crash of 08. There is still some progress to be made, but Vegas is on the right track.
Looking to move to Vegas or already live there? The housing industry In Las Vegas, Nevada is red hot. So hot you should look at our listings of rent-to-own lease option homes in Las Vegas, NV.