Vegas, baby! Have you always wanted to move to Las Vegas? If so, you might be interested to learn that the Las Vegas housing market might be losing ground. If you want to sell your house and move out of Sin City, you might want to know a bit more.
In the early 2000s, Las Vegas was one of the key cities in the high-speed growth of the housing bubble. In the second half of the decade, Las Vegas was hit hard when that bubble burst. But, while other cities have leveled off, Vegas’ market continues to drop. In fact, between 2008 and 2011, prices of homes in the city saw a drop in home prices by about 42%. That’s the second largest decline in the entire United States.
Today, homes in Las Vegas are almost 60% off their peak prices, which isn’t good for anyone who bought a house and moved in back during those prime days. But, this could be good news for investors wanting to buy cheap and move in fast. Even though homes are priced so much lower than they once were, experts think that number is going to move even lower pretty soon.
By the first quarter of 2012, home prices may drop an additional 14%. By the first quarter of 2013, experts say the risk of home prices moving even lower is pretty high – an additional 6%.