When most people think about Nevada they think about Las Vegas, gambling and all around over the top exuberance. However, this state has much more to offer than just gambling. For starters, it has one of the hottest real estate markets in the States. Considering that about 75% of the Nevada population lives in Las Vegas, it doesn’t come as a surprise that the city of sin is the place of biggest real estate investments in Nevada. On the other hand, there are a few other cities that can offer fantastic opportunities for investors too.
A little about Nevada
The availability of leisure activities and tourism do play the main role in Nevada’s economy, but mining is also very important here. This state is the world’s fourth-largest gold producer. Other things that make the Silver state a good investing point are steady population growth, employment rates, and infrastructure developments. This all adds up and numerous investing opportunities can be found.
We’ll have to start with by far the most famous market in Nevada, at least when it comes to investors. Las Vegas actually is so noble that it is often referred to as the city of a win instead of sin. The median home price raised about 10% in the last year and it seems that the rise will continue. And when you put it like that it becomes clear that investing in Las Vegas real estate market is not really gambling.
This city has been in constant and fast growth since 2012 and it doesn’t show any signs of stopping. Rise of the population, as well as the rise of construction, are suggesting that Vegas won’t stop developing any time soon. That’s probably why so many people enjoy living in Las Vegas.
Las Vegas real estate market trends in 2022
As Las Vegas is the hottest ground for all the real estate investments in Nevada, we will dedicate it a little more attention. Now it is important to mention that there’s a law in Las Vegas that restricts Airbnb Las Vegas rentals to only a host’s primary residence. This means that it isn’t the most Airbnb friendly city anymore. However, the general condition is overly good.
You can expect that the prices of homes will increase in 2022, but not at the rate at which they are hurdling now. The thing is that they’re trying to stabilize the Las Vegas market. After years of price peaks, it is the most stable it’s been in the last 20 years.
Prepare for buyers market. It seems that homes usually get just one offer and the median price is around $280,000. This makes buying an investment property a little bit easier. Professionals from graebelmoving.com say that less and less competition is seen in the real estate market here, so you should be able to profit.
This is the city that almost no one heard about, and yet everyone knows about it. Here, growth is as nonsubtle as the name of the town. Paradise experienced a 12% increase in median home value in the last year and is predicted to rise another 8% in the following year. Feel like you’re in heaven already?
Although the future never is easy to predict, Paradise seems to be a safe bet. The thing is that this city is closely connected to Las Vegas which makes its market much more interesting. On the plus side, all the important government institutions are here. That includes the University of Nevada, McCarran International Airport. Also, the world-famous Las Vegas strip is actually in Paradise.
Reno – a place for real estate investments in Nevada
This mountainside city is another fantastic place for real estate investments in Nevada. Although its market isn’t as hot as Las Vegas, it recorded an 8.5% increase in median home prices. You may be surprised to hear that Reno has 38% more construction permit applications than any other U.S. city. This means that property demand here is strong indeed, and there’s enough space for growth.
There’s only one problem with Reno. Despite all the construction that is happening, demand is still much stronger than supply is. There’s simply not enough available houses. All of this means that homes don’t stay on the market very long and get sold fairly quickly. So, whether you want to move with your family or you want to make some money on real estate in Reno, you’ll have to be quick.
Henderson is a city that seems to be heating up in the last few years. Many things contribute to this, but it seems that its proximity to Las Vegas is the key. It is actually the second-largest city in the state and it is a part of the Las Vegas metro area.
This city can offer lots of entertainment, arts, and culture to its residents. It also has a strong economy which helps a lot. All of this makes it a vibrant city to live in and it shows. In general, the main difference between Henderson and Vegas is that this city is much more family-friendly. This is a suburban city with good schools and a low crime rate.
It becomes especially appealing if you want to live near a larger and more vibrant city, but not actually in it. The real estate market here recorded an increase of 8% in the median home prices in 2021, and the trend is expected to continue throughout 2022.
The final city on our list is none other than the capital of Nevada, Carson City. With its steaming hot market that is expected to grow it is a perfect proving ground. And with an increase of above 10% in the last year, it’s easy to see why. This city is home to a diverse workforce and you can find pretty much any type of worker you need. And it’s even a good place for retirees. In general, the population of Carson City settles in the upper-middle class. However, like everywhere else there is a number of very rich people as well as incredibly poor. The stable economy and good growth make this city a great place for real estate investments in Nevada.