According to a new report, Las Vegas home values are rising faster than the national average. The median home value in the Las Vegas area last month was $206,800, up 7.8 percent from a year earlier according to Zillow. Nationally, home values are up 5.1 percent year-over-year, to a median price of $188,100.
The steady rise of home values and median prices indicates toward a strong, steady recovery, as opposed to the quick rise in home prices seen by Las Vegas homeowners before the recession.
The report also indicated other areas where the home value was rising faster than in the Las Vegas market, such as Portland, Oregon, up 14.8 percent; Dallas, up 12 percent; and Miami, up 9 percent.
A few years ago, however, Las Vegas led the pack, with home values showing roughly 30 percent annual growth. At the time, investors were buying cheap homes in bulk to turn into rentals. They revived a market that was all but wiped out by the recession and sparked talk of another bubble because prices were climbing so rapidly again.
The median home value in Las Vegas in May 2013 was $146,400, up 28 percent year-over-year, the fastest rate among large metro areas.
The median value nationally was up 5.4 percent, Zillow reported.
Eventually, the growth in home values slowed in Las Vegas, as investors, faced with higher prices they helped create, backed out in big numbers.
“Enjoy it while it lasts,” Zillow’s then-chief economist, Stan Humphries, said in mid-2013, “because the housing market will undoubtedly look very different a few years down the road from how it appears now.”
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