Las Vegas Real Estate News

Californians Still Finding Value In Las Vegas

Californians are still leaving the Golden State and tha's still driving the housing market in Las Vegas, but at a more reasonable pace.

In the past few years, the Las Vegas market has been recovering its home prices at a breakneck pace. This has been caused by a huge number of factors: a solid economy nationally and locally, a very low bottom after the housing crisis, and a California exodus due to the high cost of living in the Golden State, among others.

Home prices continue rise versus last year, but at a more moderate pace. In fact, price growth has reached a more historic and sustainable level.

Californians Still Finding Value In Las Vegas

The Greater Las Vegas Association of Realtors (GLVAR) reports that home prices in August of 2019 were $10,000 higher over the year before ($305,000 versus $295,000).

"Local home prices are still appreciating compared to last year at this time, but at a rate more in line with historic averages," GLVAR President Janet Carpenter told Fox 5 KVVU-TV.

For Californians, that is an extremely low price. In Los Angeles, $305,000 is less than half the city-wide home price average. In San Francisco, the median home price hit $1.7 million! San Diego's home is the lowest of the three and homes prices are over $570,000.

Despite the influx of Californians, the number of homes on the market also increased over the last year. For buyers, that means that there are more choices and a better opportunity to get exactly what they want. For sellers, this means that, while homes might sell a bit more slowly, they are still selling and home prices are holding on well.

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