Las Vegas Valley Real estate prices twice since the beginning of the pandemic | Housing

According to a new report, real estate prices in Las Vegas Valley have almost doubled since the beginning of pandemic in March 2020.

The Covid-19 pandemic converted the valley into a real estate hotspot, Kara NG, a senior economist in Zillow, when the average house price rose by 48 percent from March 2020, when, according to the company this year, it was $ 287 to $ 425,474.

According to Zillow, Las Vegas' home price growth has been higher since Covid than the national average of 45.3 percent.

“The competition in the desert was hot in pandemic early,” said NG. “Las Vegas' relative affordability and warm sunny weather made it one of the most selling-friendly markets in the nation in 2021 and until spring 2022. However, when the mortgage prices in 2022 shocked the fluctuations in skyward, the buyers withdrew, shortened the competition and the deflection of house values. Now the house values ​​are growing stable and modest again and again, with the power between buyers and sellers more balanced, although the lawyer is now much higher for buyers than five years ago. “

Zillow's report also has the number of houses in the valley worth more than $ 1 million in the same period (6,143 more) and the “shrinkage”, which cuts around 700 square feet and half a bathroom made of millions of dollars. The typical house size of a house of 1 million US dollars in the valley in January 2020 was 4,107 quadratfoot, and this has shrunk to 3,362 from January this year.

Ng said this was part of a larger national trend in which more than a decade was packed by the average house value growth in the five years from March 2020. This has also led to the rental inflation.

“In the period since the introduction of closures, the rent has risen a little faster than the national average, even though it is also more affordable for higher Las Vegans,” said NG.

Rental growth in the valley from the beginning of pandemic up to this year is 35.9 percent, which is higher than the entire national average (33.4 percent).

According to a recently carried out Redfin study, the living market in the valley also pending one of the highest utilization rates. Las Vegas has the third highest rate in the country behind Atlanta (19.8 percent) and Orlando (18.2 percent). This is also an increase for the valley from January last year, when the rate was 16.4 percent.

According to the Zillow report, the home values ​​have increased by 45.3 percent since the beginning of the pandemic, which means that real estate prices in Las Vegas have grown faster during this period than the national average. Miami (61.1 percent) recorded the greatest increase in average real estate prices at the national level during this period.

According to Zillow, Las Vegas also granted 51,948 new single -family houses from January 2020 to November 2024.

Contact Patrick Blenerhassett at pblennerhassett@reviewjournal.com.