City tops Realtor.com best real estate market of 2018 list
Las Vegas real estate is hot, hot, hot, and is only going to get more scorching next year. On top of Zillow forecasting Las Vegas to have the fastest rising home values in the country next year, Realtor.com just named Las Vegas the best real estate market of 2018. Add to that new data that shows that new-home sales just hit a 10-year high, and there’s only one answer: it’s time to buy a new home in Las Vegas.
“The future of Las Vegas is eye-searingly bright—and it's not just because of all those lights on the Strip,” said Realtor.com. The economy “is expected to grow about 8.7% in 2018—compared with 6.4% for the rest of the top 100 markets. That means a lot of people moving in, moving up, and looking for places to live.” Their predictions for the best real estate markets of 2018 were based on “the number of sales of existing homes and their prices, along with the amount of new home construction in the 100 largest markets.” They also analyzed the “local economies of each area, along with population trends, unemployment rates, median household incomes, and other factors.”
According to Zillow’s forecast, the median home value in the area is projected to reach $247,331 in September 2018, “up 5.9 percent from September 2017. That’s the fastest forecasted rise among the 30-plus metro areas listed in the report,” and piggybacks on the 8.6 percent year-over-year growth for the period that ended in August.
Realtor.com talked to Stephen Miller, director of the Center for Business and Economic Research at the University of Nevada, Las Vegas, who pinpointed the city’s affordability as a top reason for the growth—and a leading reason why people are coming here to buy a new home in Las Vegas. "Our [home] prices are lower than nearly every major Western metro area," he said. "People in California are retiring and selling their houses and moving [in]. ... They want a lower cost of living."
Affordability and value are also driving factors for existing Las Vegas residents looking for their first place, move-up residences, or forever homes. Increasingly, the choice is to buy a new home in Las Vegas. New data from the Commerce Department shows sales of new construction on the upswing for the past three months, adding “to strong homebuilding and existing home sales data in painting a positive picture of the housing market,” said NASDAQ.
That means increased traffic and sales for Nevada-based homebuilders like Touchstone Living. Touchstone Living is a premier Southern Nevada homebuilder that has several communities now selling and coming soon in the Las Vegas Valley. Each showcases their unwavering commitment to meeting the needs of today’s buyers with upscale offerings in the valley’s most desirable locations and a unique approach to new-home design that results in residences unlike anything else in the Valley
Incredible space meets exceptional flexibility in this special community. The Ranches features single-story homes with open floorplans presenting up to five bedrooms and a host of coveted features in up to 4,157 square feet. Located in a private enclave with full half-acre lots, The Ranches also offers buyers a unique way to configure their homes by “adding on” everything from a guest suite with kitchen to a bonus room to four additional garage spaces.
Hidden Hills offers two unique neighborhoods of upscale residences, The Views and The Terraces, in a private yet easily accessible location in Northwest Las Vegas just 10 minutes from Summerlin. This community is distinguished by oversized homesites, innovative floorplans, and breathtaking valley views.
These estate-sized properties are located near the base of Lone Mountain on the far west side as well as in two other desirable locations in Las Vegas. The incredible homes ranging from 3,780 to 6,135 square feet are set on lots of up to half an acre.
For more information about buying a new home in Las Vegas, visit Touchstone Living.