NEWS: Did you know that Las Vegas Housing Market Remains Overheated in Early 2022?

Over time, Las Vegas had constantly increasing demand on its real estate market. There are several factors that contribute to this rise such as some major sports teams moving there. However, recently the real estate prices on the housing market have shown an drastic rise.

On a recent article by The World Property Journal, just over the last year, the local housing market prices have increased almost 30 percent. 

"LVR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during February was $450,000. That tops the previous record set in January 2022. The median home price is up 26.8% from $355,000 one year ago." 

Las Vegas Realtor's President, Brandon Roberts, said "local home prices have more than tripled over the past decade. Prices have been climbing steadily since hitting their post-recession bottom in January of 2012, when the existing single-family home price in Southern Nevada was $118,000."

Altough this similar trend has been going on in a several other cities across the country, the underliying question that keeps everyone intrigued is, Until When? Will this bubble explote? Will we have another 2008 crisis?

"Local home prices can't keep going up this fast forever," Brandon Roberts said. "The increases we've been seeing in the last year or so are just not sustainable. It remains to be seen how much higher these prices can go and when we might start to see the market stabilize, as many national experts have been predicting. Either way, I seriously doubt you'll see home prices more than triple again in a single decade."

As some experts like Brandon Roberts metnion, this extreme rise will most likely slow down, otherwise in order to be able to afford a home in Las Vegas, people would probably have to hit a few jackpots at some of the local Casinos. 

One thing we can forecast is... Las Vegas will always be a World destination, so perhaps even with inflated prices, it might be a decent real estate investment.