The Las Vegas condo market boom is still not attracting much attention. Nonetheless, Las Vegas condos and townhomes are in high demand. While houses in Las Vegas have attracted all the attention in the last year, there has been a boom in the Las Vegas condo market. From the very basic, to the high end gated communities, Las Vegas condos are hot. With demand for Las Vegas condos increasing in percentage faster than houses for much of the year. This was an aspect to the Las Vegas condo market that many did not see coming.
Condos – the overlooked market
For years many buyers have overlooked Las Vegas condos. Like an ignored stepchild, condos have long offered an affordable housing ownership alternative. By pooling common assets of common ownership, many owners experienced a greater level of amenities. Features like, pools, spas, workout rooms, clubhouses and more are often found in condominium communities.
Why the change?
In the recession of 2007-2012, the Las Vegas condo market was hit hard by depreciation. Many communities losing over 50% of their value. While Las Vegas homes have been selling fast, many observers completely overlooked just how well Las Vegas condos have sold. With all that loss in value that occurred during the recession, there was plenty of room for appreciation.
What happened?
With so many buyers seeking homes in 2021/2022, houses appreciated quickly. This was fueled by a high demand from buyers moving here from California. While houses appreciated over 25%, condos appreciated close to 40% in the same time frame. After all, our price range is still far below what they are in California. Even with our appreciation of the last year, California’s below average condos are still priced much like our luxury condos.
For more details, view this quick video on the Las Vegas condo market boom.
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