Market Update: Las Vegas, NV
AREAA Global President and Owner of Char Luxury Real Estate, Randy Char states there are two very different stories happening right now surrounding luxury real estate in Las Vegas in Areaa Global’s most recent Market Update.
While COVID-19 unfolded in Las Vegas, the original effects of a market slow-down were felt overall, however the last few months have picked back up for October 2020, with numbers across the board surpassing those of last year.
Looking specifically at the Luxury Home sector (Single-family homes over $1 million), the market is hot! Up almost 20% year-over-year, despite being down almost 50% this past spring. Many buyers who are now working from home are coming from California to embrace Nevada’s tax benefits. With lower inventory compared to this time last year and a median home price of 1.45 million (up 100,000 from last year), “it’s a great time to buy, and a great time to sell.” Says Randy.
While the single-family home market is excelling, Randy notes that the high-rise market throughout Las Vegas has been reacting very differently. While buyers are more interested in purchasing single-family residences, it could be an opportunist time to do some high-rise investing, with the potential to buy a property at half the replacement cost, Randy explains.
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