Las Vegas’ housing market has been on a rollercoaster ride over the past decade, but the overall trend has been one of significant growth. Here’s a breakdown of the key points:
Rock Bottom to Boom Town (2012-2024):
The Great Recession’s Shadow: The housing market crash of 2008 hit Las Vegas hard. By 2012, median sales prices for single-family homes had plummeted to around $118,000 – a historic low.
Recovery and Rise: Since then, the market has seen a steady climb. Factors like economic diversification beyond just tourism and a growing remote work trend fueled demand.
Triple Threat: By 2021, median sales prices had more than tripled to over $435,000, showcasing the impressive growth over a decade.
