The condo boom has been a boon for Las Vegas.
Las Vegas is the second-largest market for new homes in the country, after Manhattan, according to the Real Estate Board of Greater Las Vegas, and is on pace to hit 2 million new homes this year.
The housing market has seen a strong rebound from the 2008-09 financial crisis, when nearly a quarter of all new homes were purchased by people earning less than $200,000, according the REBGV.
Las, in particular, has seen an incredible resurgence in condo sales, and the condo boom is expected to continue into the next decade, the REGV said.
“This is an exciting time to be in Las, especially as we enter the next phase of the condo recovery,” REBV President and CEO Stephen Lott said in a statement.
Lott said that over the next 10 years, he expects the condominium market to continue to expand and grow.
This is what the Las Vegas condo boom looks like now: Las is already the hottest market in the US for new construction, according REBVG.
As of March, the median price for a condo in Las is $1.5 million, according ReCore.
That’s nearly $200 million higher than the median income in the city, according Toobin.
In March, REBVL said it expects the median household income to jump from $50,000 to $60,000 in 2019, and then increase to $70,000 by 2026.
For those looking for a place to live near the airport, the condo market is already getting strong.
According to REBVA’s report, in March, 7.6 percent of the metro area’s condos were purchased in the next two years, a significant jump from 2.8 percent in 2014.
But it’s not all about condos.
Las Vegas condo buyers can also expect to see a boost in home sales as the city’s population booms.
The city is expected by some analysts to see about 200,000 new home sales by 2027, which is double the number in 2017.
The REBVa report noted that in the second half of 2019, condo sales will outpace new home construction in the Las area.
It also predicts that the housing market will be the fastest growing region in the state in 2020, as new home demand outpaces supply.
More to come.