LAS VEGAS, Nevada Real Estate Market

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Las Vegas (/lɑːs ˈveɪɡəs/,[6] Spanish for “The Meadows”; Spanish: [laz ˈβeɣas]), officially the City of Las Vegas and often known simply as Vegas, is the 28th-most populated city in the United States, the most populated city in the state of Nevada, and the county seat of Clark County. The city anchors the Las Vegas Valley metropolitan area and is the largest city within the greater Mojave Desert. Las Vegas is an internationally renowned major resort city, known primarily for its gambling, shopping, fine dining, entertainment, and nightlife. The Las Vegas Valley as a whole serves as the leading financial, commercial, and cultural center for Nevada.

The city bills itself as The Entertainment Capital of the World, and is famous for its mega casino–hotels and associated activities. It is a top three destination in the United States for business conventions and a global leader in the hospitality industry, claiming more AAA Five Diamond hotels than any other city in the world. Today, Las Vegas annually ranks as one of the world’s most visited tourist destinations. (Wikipedia)

Las Vegas Real Estate Market Statistics

  • Metropolitan statistical area: Las Vegas-Henderson-Paradise, NV
  • Population:644,644 – 28ᵗʰ largest U.S. city (Wikipedia – 2018 estimate)
  • 5-year projected population growth: 1.4% (PwC, 2018 – U.S. average is 0.7%)
  • Net Migration: 7.33% (US News 2013 to 2017)
  • Median age: 38.1 years old (City Data, 2016 – U.S. median is 38)
  • Median household income: $51,115 (City Data, 2016 – U.S. median was $57,617)
  • 5-year projected employment growth: 1.7% (PwC, 2018 – U.S. average is 0.6%)
  • Cost of living index: 96.4 (City Data, 2016 – U.S. average is 100)
  • Rent-to-household-income ratio: 22.4% (PwC, 2018 – less than 30% is ideal)
  • Median 1-bedroom rent: $927 (Rentonomics, 2018 – U.S. median is $743)
  • Year-over-year rent growth: 3.6% (Rentonomics, 2018 – U.S. average is 1.5%)
  • Median single-family home sale price: $294,600 (NAR, Q3 2018 – U.S. median is $266,900)
  • Year-over-year home sale price growth: 12.6% (NAR, Q3 2018 – U.S. median is 4.8%)
  • Multifamily property buy/hold/sell recommendations: 59% of investors say buy, 21% say hold, 21% say sell (PwC/ULI)

News on the Las Vegas Real Estate Market

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