Las Vegas Real Estate: 2017 Mid Year Home Prices Market Update

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So far 2017 has been a very good year with a lot of growth in the residential real estate market for Las Vegas. The overall increase in home prices has continued from what we saw take place in 2016. Back in 2015 many people did not predict that the Las Vegas housing market would have a very strong year. Some of this speculation was due to the fact that many people felt that Southern Nevada was going to need more time to recover from the "Great Recession," and still needed time to become more stable. Another thought was that 2016 would not be a great year for local real estate because many Americans wanted to wait until after the presidential election to see if Hillary Clinton or Donald Trump was going to end up being the nest President of the United States of America.

Despite the not-so-optimistic outlook going into 2016, the housing market did well, and the median home price increased during the year. This has continued into 2017, where in May the median home price reached to about $250,000. Some people forecast that the median home price in Las Vegas could reach $275,000, $280,000 or even $290,000 if the growth in the housing market continues at this rate.

If those predictions by people in the real estate industry end up being true then that would be a huge gain by the end of 2017, considering that the year started off with a median home price of about $230,000.

While the median home price has increased for the past 7 consecutive months, the inventory of homes available has decreased for the last 9 consecutive months. This has some people worried that Las Vegas could be on it's way to it's next housing bubble if the prices continue to increase like they have. Everyone who was in Vegas for the stock market collapse that began in 2006 (and took a couple years to really hit a lot of the country) remembers the amount of short-sales and foreclosures in this area. The memory of a bad economy from an inflated real estate bubble is still fresh in the minds of many people in Las Vegas. There were entire neighborhoods that had been planned for construction, and then canceled once the economy went down. Entire neighborhoods in the area were hit really hard, and double digit unemployment was normal for years with a poor job market.

Is Las Vegas on its way to its next real estate bubble? We'll see what the predictions will forecast at the end of the year, but it looks like in the near future we can expect more positive growth in real estate here in Southern Nevada.

Las Vegas Real Estate: 2017 Mid Year Home Prices Market Update https://www.youtube.com/watch?v=-xEoB3bm-SI
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