Ever famous for its Tourist appeal, LAS VEGAS is a 'booming' real estate development 'hot spot', both residentially and commercially. Las Vegas, Nevada is one of the fastest growing cities in the world. As a result, the real estate and home market is nothing short of extraordinary.
Las Vegas, home to 1,825,000 people, welcomed 38,772,166 visitors in 2005, was ranked number one in the U.S. in real estate appreciation with a 36% average appreciation rate and a five-year average appreciation greater than 84%. As far as strength and growth, Nevada continues to outpace every other state in the nation in job creation, with nearly 76,000 jobs added over the past year, a 6.8% job growth, highest in the country. Due to the state attractive business climate, economic stability and strong consumer confidence, experts predict that the percentage of job growth will continue. Compared to most highly desirable areas in the country you can purchase a home in a wonderful area for a reasonable price. Las Vegas is a great place to call home. With over 325 days of sunshine a year and low humidity you will enjoy entertaining outdoors and the lifestyle Las Vegas has to offer.
For years, Las Vegas has been the fastest growing city in history of the U.S, keeping real estate demand constant. The Nevada State Demographer's Office released its projections for the period through 2026. Clark County can expect another 1.5 million people, according to the latest numbers. Overall, Nevada is projected to grow by more than 1.8 million or 74 percent during the same period.
With approximately 42,000 acres of BLM land available in Las Vegas (and 6,000 acres a year being developed); Las Vegas only has 7 to 8 years left of developing land. We're already starting to see a change in new housing with the typical lot size for new homes at 4,000 sq. ft. However, keep in mind that land has begun to be scarcer, thus, the reason you see more two story newer homes built closely together. Great for 1st time home buyers who are looking for a 'tax advantage' along with pride in ownership.
For the future real estate market, I'm still very bullish about Las Vegas. If you're looking to buy in Las Vegas and plan on being here for 3-5 years, I would say that it is a very good time for you to get into the market. I believe the 5-7 year outlook, the timing it will take to build on all currently available land; we'll see a return to a more normal 5-15% annual appreciation
For more information on the booming Las Vegas real estate market visit me at: http://www.elitevegasrealestate.com
