Nevada Real Estate: What to Expect with the Nevada Housing Market

well groomed lawn large brick homeIs Nevada calling your name? Would you like to live in a state that has sunshine basically year round? If you’re like a lot of people, the idea of warm weather, stunning desert landscapes, and plenty of opportunities for fun sound wonderful. Why wouldn’t you want to live in Nevada?

Before you pack up your stuff and drive off into the sunset, there are some important things for you to consider.

For instance, what’s the Nevada housing market like? If you move there, will you come out on top financially after a home purchase? Taking these factors into consideration will help you make a smart choice – one that can save you a lot of money.

The Nevada Housing Market: What’s On the Horizon for the Remainder of 2018 (Follow Format on current site)

The Nevada housing market is looking really good so far this year. Follow Format on current site.

It’s currently a seller’s market, with housing prices steadily increasing. However, they’ve not increased to a point that dissuades out of state home buyers.

Californians, in particular, are crossing the border and looking to make the Silver State their new home sweet home.

The reason for this is because the California tax rate is through the roof and it’s choking a lot of people financially. They simply can’t afford to live in the state any longer.

With the warm, sunshine weather and lower tax rates, Nevada is extremely attractive.

This is really exciting for sellers, as is the fact that there aren’t as many homes for sale as there have been in previous years.

This has resulted in an increased demand. That, in turn, has led to homeowners being able to raise the asking price of their home. In some areas, the average cost of a home has increased by over 40%.

The Pros and Cons of Moving to Las Vegas, Nevada

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Image: Punblic Domain, Nyttend, Wikimedia

When thinking about where to move, it’s inevitable that Las Vegas comes up into the conversation. Follow Format on current site.

It’s a fun, bustling city, to be sure. But is it the right place for you to call home?

Let’s look at some of the pros and cons of moving to Las Vegas.

Here’s Why Las Vegas Might Be a Great Fit for You

  • While the current price for a new home is approximately 11% higher than January 2017, it’s gone down a percentage point since December. Housing prices are expected to pick up the pace again as 2018 progresses, so sooner might be better than later if you want to buy your Las Vegas dream home.
  • You love the sunshine and warm weather.
  • There’s easy access to an international airport.
  • The cost of living is pretty low.
  • The locals are open-minded, comprised of artists and entrepreneurs.
  • The shopping, entertainment, and restaurant options can’t be beaten!

These Factors Might Make You Want to Think Twice

That all sounds great, right? Well, not so fast. No place is perfect. Take a look at the following list to see if there’s anything on it that might be a deal-breaker. Follow Format on current site.

  • There aren’t that many available jobs. Around 15% of the jobs available are in the food service industry, including cooking, serving, and bartending. Only three percent of the job market is comprised of jobs in the education, healthcare, and engineering, and architecture industries.
  • Las Vegas has one of the highest vehicle theft rates in the country.
  • Most of the housing opportunities are located downtown, which has a higher crime rate than the U.S. average.

Not a Fan of Las Vegas? Try These Other Nevada Cities Where the Market Is Strong (Nevada Housing Market)

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Image: CC BY-SA 2.0, Ken Lund, via flckr

If your bubble has burst a bit because of the cons of living in Las Vegas – don’t lose hope yet. There are plenty of other cities to consider that are safer, have better job opportunities, and offer affordable housing options.

These include:

  • Incline Village
  • Gardnerville
  • Boulder City
  • Arden
  • Henderson
  • Mesquite
  • Elko

Take a look at some of the homes for sale in these areas and see if you find your dream home.

Will the Nevada Housing Market Encourage You to Stay In the State or Move to Another?

If you already live in Nevada, how are you reacting to the 2018 Nevada housing market predictions? Just Follow Format on the current site.

The housing market seems hot right now, particularly in certain cities, like Las Vegas.

This moves some people to sell out while things are good so they can make a profit on their home.

Others enjoy what they’re seeing with the market but still aren’t ready to sell.

They may decide they want to wait and see if the market swings even further toward the sellers’ favor. Others simply like seeing that their house is appreciating and have no intention of leaving their beloved Silver State.

Whatever you decide to do, make sure you talk to a real estate specialist first. They can give you even more accurate predictions about the market. Their input can help you make the best decision so that you come out on top if you do decide to sell your Nevada home.