Wednesday, August 24th 2022: A Booming Real Estate Market in Nevada
It’s hard to believe that a decade ago, nearly one in three homes in Nevada was in foreclosure. Today, Nevada not only has a booming real estate market, it is number one for both home appreciation and estimated appreciation in the United States. Home prices appreciated 10.8% in 2018.1 That means more than $25,000 in equity for some homeowners.
Appreciation is not just about house prices either. Nevada is a great place to live. The economy in Nevada is growing and businesses are hiring. Amazon is preparing to open its third warehouse in Nevada and construction jobs have increased with the Raiders stadium project as well as the demand for new homes. All of this translates into more job opportunities for residents.
“[Houses] are going like hotcakes,” said Jeff Sommers, a real estate broker and long-time Nevada resident. “They are going in just three days, even one day on the market. And they’re going for the asking price or above.”
With prices of homes continuing to increase for the foreseeable future, now is a great time to buy in Nevada, either in your own home or in an investment property.