Meanwhile, the unemployment rate in the
"A lot of sellers are asking me the same question: How is my neighbor's house going under contract in two days, but I pick up the local newspaper and it's all doom and gloom for the economy?" said Las Vegas Redfin agent
Remote workers are moving in from expensive states like
In the second quarter of 2020, 46.3% of Redfin.com users searching for homes in the
Just over 35% of out-of-state searches in the second quarter came from
Las Vegas Redfin agent
Local house hunters are motivated by more space, low mortgage rates
Las Vegas Redfin agents agree that while migrants are propping up the housing market, there is a subset of locals who are buying and selling homes, made up mostly of people with changing needs and those working in industries such as tech, healthcare and education.
"The pandemic has been a driving force for the locals who are buying and selling homes," Stein said. "People who are working remotely need offices to work from home, and some of them need more space for children to do schoolwork or additional bedrooms for grandparents moving in with adult children. I've also seen several people take early retirement and buy their dream 'forever' home."
Looking ahead: Changes in eviction policies and migration could impact the
Stein said the expiration of the eviction moratorium, scheduled for the end of the year, could bring more inventory in 2021, which would help reverse the current double-digit supply decline. "Once the moratorium ends, the market may change as landlords who have a bad taste in their mouth put their properties up for sale," Stein said. "I've spoken to several investors who can't sell right now because they have tenant-occupied properties, and some of those tenants aren't paying. They'll sell as soon as they can, and that push could be the next big thing that changes supply and demand."
Thomas said he believes the pandemic-driven migration from highly populated, expensive urban areas could change the economy and political makeup of
Home sales in
The number of homes for sale fell 18.7% year over year in August. New listings were up 3.2% from last year.
The typical home that sold in August went under contract in 45 days, six fewer days than the year before. Just about 20% of homes sold for above their asking price, an increase of 5.4 percentage points from last year.
To read the full report, including charts, please visit: https://www.redfin.com/blog/las-vegas-housing-market-price-increase.
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