New Construction Market in Las Vegas Still Red Hot Heading Into Spring 2018
In case you haven’t noticed, the new construction real estate market around Las Vegas has been robust over the last several years, and 2017 was once again no different. According to a recent report, new construction home builders closed just over 9,401 new home sales in Clark County last year, which is a 16.2% jump compared to new home sales in 2016.
The report, which was originally released from Las Vegas-based Home Builders Research, also noted that the median sales price of new construction homes once again hit a record high, reaching $371,782 in December and representing a 10% spike year-over-year.
One issue facing the new construction market in Las Vegas heading into 2018, however, seems to be a shortage of future development opportunities. In an interview with the Las Vegas Review-Journal, President of Home Builders Research mentioned that builders aren’t able to find enough available lots that allow for sale prices below $300,000, which is pricing the majority of today’s home buyers out of the new construction market.
This year, prices for new homes for sale in Las Vegas are once again expected to climb anywhere from 7 to 10 percent.