Are housing prices going up in Las Vegas? Yes, and with it comes the need to stay informed and armed with tools to get through the rising costs. Check out crucial information and insights on the rising Las Vegas housing market and learn what we can do to bolster those in need of help.
Is the Housing Market Going to Crash?
The Las Vegas housing market is undoubtedly experiencing constant change. The average cost of a new home in Las Vegas is $450,000, up 15% from last year. Rental property prices, in turn, are also rising. The average rent for a two-bedroom home in and around Henderson is $1,946, up 30% from just two years ago. Should we fear a crash? Certainly not. While house prices continue to increase, it is not due to the artificial inflation we saw before.
What Is the Cause of Increasing Housing Prices?
Finding a rental or a home proves to be an issue due to consequences resulting from the pandemic. The cost of new construction is up because tools, raw materials, and fuel prices skyrocketed from shortages in the supply chain. Additionally, with the halt and wait times of shipping, new home construction takes more time than ever.
When new construction is down, it creates a boom for existing houses, which means there’s a shortage of those available. That sends prices soaring.
Should Home Buyers Wait to Buy?
Even with the increase in prices, buying is still an option. Low-interest rates motivate many to take the plunge into a new home. If you can lock in a low-interest rate now, you insulate yourself against climbing rates down the road. If you can afford to dive into the market, the low rates may outway the drawbacks if you can find a home. The housing shortage presents a problem for locals and out of towners alike. People pause moving plans to Henderson because of the inability to find a place to live.
Las Vegas Housing Market Predictions 2022
Housing prices went up significantly last year and continue to do so. It’s anyone’s guess when the supply-line shortages will end. The signs indicate that the end of supply line shortages will usher in a boom of new construction to help the market gradually recover.
As locals continue to forge through the rising prices, resources are available for those facing the worst of the cost issues. Nevada has several homeowner assistance and loan programs that can help home buyers. Those having trouble making rent due to COVID-19 might look to the CARES program through Clark County.
I see the uncertainty and understand the impact of housing costs on Henderson locals. With shortages in supply chains and rising home costs, it is crucial to have leaders who understand and frequently speak on the changing Las Vegas housing market. Contact or visit Vote4TrishNash to learn more about my campaign for Henderson City Council Ward 3.