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Home Prices Keep Rising, Rent in Las Vegas Up Nearly 7% In One Year

Monday, February 22, 2021   /   by Ken Couture

Home Prices Keep Rising, Rent in Las Vegas Up Nearly 7% In One Year

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The housing market across the Las Vegas valley remains red-hot, as home values across the nation continue to grow despite economic difficulties caused by the coronavirus pandemic.

In a market report released by Zillow this week, the Las Vegas metropolitan area saw a nearly 8 percent year-over-year increase in home prices.

While prices have for the most part has stayed stagnant through the first couple of months of 2021, they are up slightly from December.

The online real-estate marketplace says it predicts seven million home sales this year, marking an anticipated upswing in economic activity this year.

"Home sales are moving briskly, with homes typically staying on the market for 18 days," Zillow wrote in a press release Friday morning.

For the Las Vegas market, for-sale inventory was down 15.7 percent compared to January 2020.

The western portion of the country continues to see the most dramatic growth, including Phoenix, San Jose and Southern Nevada.

Rents along the coast are decreasing as a result of a mass exodus from areas with high cost-of-living in the wake of an increase in remote work.

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