Las Vegas Housing Prices Continue To Soar Amid Ongoing Pandemic

Housing prices in Las Vegas are continuing to rise amid the ongoing pandemic, making it a great time for sellers to list their homes. However, thousands of Nevada residents are now in danger of being evicted due to job losses caused by the virus.

Las Vegas realtors show that the median price of a single-family home was around $340,200 as of October, which was up 11 percent from the same time last year, KTNV reported.

Aldo Martinez, president-elect of the organization said, "My dad used to tell me that there are two things in life that are always going to be constant and one's shelter and the other is food. So, housing covers that shelter criteria right here."

Martinez said that low mortgage rates are one of the reasons that there is a favorable market with home sales being up. Martinez said its motivating more sales as homebuilders try to keep up with demand.

He said, "You can own a home for a lot less than you can rent a home. Big institutional companies that have these rental properties are always going to try to hold prices firm on their apartment complexes. They have to pay mortgages. Those big complexes."

Photo: Getty Images

Source: KTNV