LAS VEGAS (KTNV) — If you have been in the rental or housing market lately you have certainly seen a rise in prices.
Zillow's latest market report says rents in Southern Nevada have increased in recent months to a level that’s far higher than if the pandemic-related slowdown had never happened.
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Home value growth has also set new records with indicators pointing to a more balanced and less frenzied market in the months ahead, according to Zillow.
Key July housing stats for the Las Vegas area:
- Typical rents are $1,662, up 22.7% year over year. Zillow estimates typical rent would have been $1,452 if pre-pandemic trends had held.
- Inventory is up 5.6% from June, but down 32.2% compared to July 2020.
- Typical home values are $360,345, up 3.4% month over month and up 21.5% year over year.
- The share of listings with a price cut was 10.7% in July, up from 8.2% in June.
Zillow also reports typical U.S. monthly rent rose to $1,843 in July, 9.2%, or $156, above July 2020. For the first time since April 2020, annual rent growth was positive in all 50 of the largest U.S. metros and higher than 20% in some markets.
Home value appreciation continued its trek skyward with 16.7% annual growth and monthly gains reaching 2% nationwide. The typical U.S. home value is currently $298,933, up nearly $43,000 over last July.
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But for would-be buyers stifled by competition and rampant price hikes, a Zillow spokesperson says hope may be on the horizon.
Inventory rose for the third straight month in July. Home value appreciation slowed in 22 out of the 50 largest markets and the share of listings with a price cut rose 1.7%.
