Las Vegas Valley housing market
The Las Vegas housing market was a function of the 14-year period housing expansion period between 1993 and 2007. During this period in Las Vegas employment grew by 4.9% annually. During this period Las Vegas was ranked No. 14 in the world by the Brookings Institution in terms of overall economic performance.
Many analysts agree that the Las Vegas economy is rapidly recovering from 2008, with improving conditions in tourism and the housing market for 2013. In the Las Vegas metropolitan region, overall home prices jumped 24 percent in 2012 from 2011, GLVAR’s market data shows. The median home price of single-family homes sold in January was $150,000, which compares to $118,000 at the end of January 2012. Prices are rising and there has been a large increase in the million dollar home market, with many new custom homes being built. January 2013 marks the 19th consecutive month with home sales higher than the same month in the previous year and prices continue to rise. In addition, Las Vegas was named America's Top Turn Around Market for 2012 by Trulia.