Is Las Vegas Still a Good Place to Invest in Real Estate?

In recent years, real estate and property investment have grown to become one of the go-to long term investment choices by people increasing popularity and rightfully so. Real estate, if invested in wisely with regards to location, brings in sustainable profits. There are various ways to get into real estate. Some people purchase property to rent out either on a short-term or long-term basis. If interested in the former, one of the best areas to invest in is Las Vegas. The city has experienced tremendous growth in the past decades to rise as one of the world’s best tourist destinations.

Why Invest in Las Vegas?

Las Vegas is a very popular tourist destination with its famous world-class entertainment, casino attractions and the infamous Las Vegas Strip. Tourists visit the city for various reasons like vacations and celebrations, and there is one thing they all have in common- they need a place to stay.

Unlike many other seasonal tourist destinations, only getting visitors when the weather is favorable, Las Vegas has a great climate all year round, which ensures a constant supply of renters throughout the year, and so at no time will your property be unoccupied.

Las Vegas has also gained increasing popularity as a choice destination for business conventions and trade shows. These bring in many visitors, investors and business people who need a place to stay and a venue to host their shows and conventions. Identifying and catering to this need is a sure way of raking in good money.

Las Vegas offers reasonable property prices both to real estate investors and property buyers. Also, quality and acclaimed real estate firms such as Top Tier Realty make investment decisions wise and easy. They offer guidance at every step of your investment journey, ensuring satisfaction on the investors’ end.

Las Vegas Real Estate Market Forecast

To know whether Las Vegas is still a good place to invest in real estate, here are some trends that real estate investors should take into consideration:

  • House prices will begin to stabilize after years of fast growth. The prices are expected to slow down but with increasing real estate values of up to 2.6%. The real estate market will remain profitable, but such a slowdown makes it easier for buyers to enter the market.
  • The projected increase in housing inventory is why Las Vegas will be a buyer’s market. Las Vegas was ranked the 19th best city for homebuilding prospects in 2020 by PwC.
  • Condos and townhouses will be the most beneficial Las Vegas rental properties. The former takes the lead as they are more affordable than the median property price in the housing market.
  • Non-owner-occupied properties will be illegal for Airbnb in Las Vegas due to lack of lenient Airbnb regulations and the fact that only primary residences are allowed for Airbnb in Las Vegas.

So now that we have answered whether Las Vegas is still a good place to invest in real estate, listed below are some of the preferred investment areas for real estate as they are up and coming neighborhoods in Las Vegas:

  • Green Valley
  • Pioneer Park
  • Summerlin
  • Tule Springs
  • Michael Way

Las Vegas is still a good place to invest in real estate, and so is an income property, and to kick off this journey, Top Tier Realty is a good place to start.