In 2000, the Las Vegas population was 478,434, which was an incredible 85.2 percent increase from 1990. According to the 2010 U.S. Census, Las Vegas experienced an additional 22 percent population growth between the 2000 and 2010; and with a population of 583,756 it ranked as the 31st most populous city in the United States.
At that rate of population growth, new home purchases of all types have been at an all time high for the city. Despite a lull in real estate sales, Las Vegas luxury condos continue to be among the most popular propteries. However, as housing prices in Las Vegas began to rise as the American housing market struggled to recover from the “Great Recession” of 2007, the number of buyers investing in Las Vegas real estate has been steadily decrease. The good news is that experts predict that the prices of Las vegas homes for sale will begin to decrease to the levels they were during the Las Vegas population boom.
One example of a Las Vegas housing bargain involved the sale of a 1,200 square foot, two story house in North Las Vegas back in June. The property in question was purchased for 240,000 dollars in July 2005, but was sold for only 95,000 dollars in June 2013. That is less than 40 percent of the purchase price.
Although buyers should not count on finding that kind of a deal, the fact remains that there are some fabulous bargains on Las Vegas real estate to be had. Of course, those deals are not relegated to small two story homes, but all sizes of Las Vegas luxury condos, split levels, and colonials. Additionally, investing in Las Vegas real estate might be a lucrative option for buyers who might be interested in buying low now, and selling for a high profit once the housing industry regains full strength.
As is the case with real estate in every city in the United States, the housing marketing in Las Vegas fluctuates, as do mortgage rates. One significant advantage of investing in Las vegas real estate, however, resides in the fact that Las Vegas real estate will hold its value as well as any other city in the country.