Market Overview
Location and Weather
Las Vegas famously known for its casinos and shows is in southeastern Nevada. It’s desert country with dry flat land and is not far from the famous Hoover Dam and Grand Canyon. Because it is in the desert, the average daily high temperature is over 95 degrees with evening lows in the 80’s during June through September. November to February is the cool season with high temperatures in the mid 60’s and lows in the high 30’s.
Population, Job Market and Cost of Living
With a 2018 population of 644,644 and annual growth rate of 1.42%, Las Vegas has a steady growth as the city continues to reinvent itself and expand its tourism industry. The job market has increased by 3.5% over last year. The ten-year predicted job growth is 39%.
Contributing to the growth in Las Vegas is the Accommodations & Food Services, Retail Trade and Health Care & Social Assistance. The largest employers are MGM Resorts International, Las Vegas Sands Resort, Caesars Entertainment Casinos & Resort, Boyd Gaming and Wynn Resorts. The cost of living is high due to the cost of Las Vegas real estate.
With many jobs and a thriving tourism industry combined with a warm climate and year-round outdoor activities, Las Vegas will continue to attract those who want the excitement and job security of a casino city.
Real estate market data in Las Vegas
Average Monthly Rent:
$1,037
Percentage Change in Home Price/Value:
6.00%
Median Home Value:
$274,100
Best Time To Sell Home:
November
Affordability Index:
120
Days To Sell House:
56.333
Job Market:
Fair
Public School Ranking:
43
