The pandemic has been a major factor in the ongoing housing boom, with high demand for vacation homes and a limited supply of properties, causing prices to skyrocket. This means that Las Vegas is surrounded by plenty of open land, but it can't simply expand to meet the demand. This will continue to drive up prices in the Las Vegas real estate market. We don't think the Las Vegas housing market is ready to crash because it's not overheating.
The value of homes rose by 1.8% over the past year. This is a healthy growth rate, while double-digit price increases are unhealthy. This rate is skewed by the number of new luxury homes that come to market and the constant loss of customers in the high-end of the market. Construction on the dam began in 1931 and the population of Las Vegas increased from around 5,000 to 25,000 people, and most of the newcomers sought work in the construction of the dam.
Despite the influx of notorious criminal figures, the local business community attempted to project a respectable image of Las Vegas when Interior Secretary Ray Lyman Wilbur visited it in 1929 to survey the dam site. Las Vegas began to become a more commercial and family-oriented place, with large corporations taking ownership of hotels, casinos and nightclubs instead of mob bosses. The county issued the first gaming license in 1931 to the Northern Club, and other casinos on Fremont Street were soon licensed, such as the Las Vegas Club and the Apache Hotel. McWilliams, who was hired by the Stewart family during the sale of the Las Vegas Ranch and bought available land west of the ranch.
Las Vegas home prices have reached new heights, and the market remains attractive to residential real estate investors. At that time, several parts of the valley contained artesian wells surrounded by extensive green areas; Las Vegas means meadows in Spanish. These conditions enabled city developers to attract companies of all kinds to choose Las Vegas over California. Its 3,044 rooms, each with gold-tinted windows, set a new standard for Las Vegas luxury and attracted tourists en masse, generating additional funding and rapid growth on the Las Vegas Strip.
On November 15, 1950, the United States Senate Special Committee to Investigate Crimes in Interstate Commerce (known as the Kefauver hearings) met in Las Vegas. The local newspaper Las Vegas Sun and its editor Hank Greenspun led a crusade at that time to expose all criminal links, activities and government corruption in Las Vegas. According to PwC's annual real estate report, the Las Vegas housing market will experience a population growth rate well above the national growth rate. So why should you invest in this strong housing market? Let's explore more about why investing resources in this market is a good idea.
The pandemic has caused an unprecedented surge in demand for vacation homes and limited supply of properties has caused prices to skyrocket. This means that Las Vegas is surrounded by plenty of open land but cannot simply expand to meet this demand which will continue to drive up prices in this real estate market. The value of homes rose by 1.8% over last year which is a healthy growth rate compared to double-digit price increases which are unhealthy. The construction on Hoover Dam began in 1931 which caused an influx of people seeking work on its construction which increased population from 5,000 to 25,000 people.
Despite criminal figures attempting to take control of hotels and casinos, large corporations took ownership instead which helped project a respectable image for Las Vegas. Its 3,044 rooms with gold-tinted windows set a new standard for luxury which attracted tourists en masse generating additional funding for rapid growth on The Strip. Las Vegas home prices have reached new heights making it attractive for residential real estate investors due to its population growth rate being well above national growth rate according to PwC's annual real estate report. Investing resources into this strong housing market is a good idea due to its potential for healthy growth rates and its potential for rapid expansion due to its open land surrounding it.
