Las Vegas is sometimes referred to as ground zero for the boom and the bust of the housing market a decade ago, but as this article from Vegas Inc. explains, housing confidence in the area is climbing.
Amid slumping confidence nationally, Las Vegas has moved up in the housing industry, as more renters plan to buy in the next year and more owners feel that a decade from now, local homes will be worth more.
The valley ranked No. 9 in the Zillow Housing Confidence Index as of July, compared to No. 13 in January, according to a report out Wednesday by Seattle-based Zillow. Twenty of the largest metro areas were included in the listing service’s index.
San Jose, Calif., the heart of Silicon Valley — whose housing market has been booming alongside the Bay Area’s tech industry — was No. 1 both months. St. Louis ranked last both months, as well.
Some 12 percent of Las Vegas renters surveyed say they plan to buy a home in the next year, compared to 9 percent in January, and 66 percent of homeowners believe local properties will have climbed in value a decade from now, up from 59 percent in January, Zillow said.
Meanwhile, 64 percent of respondents said it’s a good time to buy, down from 66 percent earlier this year, and 57 percent said it’s a good time to sell, up from 46 percent. For more information on Lennar Las Vegas homes, please visit here.
