Market Conditions

Las Vegas Market Conditions

The Las Vegas real estate market has had its share of ups and downs like the rest of the United States. I've compiled a list of market statistics, foreclosure information and appreciation rates to give you an idea of what's happened in the market since 2003.

Home Sales

luxury homesUp until 2004, appreciation rates were fairly constant in most parts of the valley and sales were steady. When the real estate boom hit, appreciation rates and home sales jumped significantly in most parts of the valley. Now that the market has readjusted back to normal, prices are for the most part back on par to where they would have been and sales are picking back up. However, not all markets have adjusted.

As you can see by the graph, the number of million dollar homes sold in the valley dropped significantly in 2007. While these properties used to make up a small percentage of the homes for sale, the number of million dollar plus homes has risen sharply last year.

Luxury homes built just a few years ago are competing with brand new properties that have newer, more desirable amenities for luxury home buyers.

7 year Appreciation Rates

This is a general overview of appreciation rates for the Las Vegas valley. It averages in every neighborhood in the valley. Overall in shows a decrease in value (adjusting back to normal values). However, prices in some parts of the valley continued to go up in value. The breakdown by year will give you a little more in depth look by zip code.

appreciation graph

Areas I like around town.