Everyone is familiar with the city of Las Vegas, and the first thing that comes to mind is definitely the entertainment aspect. No wonder it is referred to as the Entertainment Capital of the World. Set in the desert region of Nevada, it is the most populated city in the state and is considered to be one of the prime holiday destinations. But apart from being a tourist destination, it is also becoming a favored destination of real estate investors as more and more families and retired individuals are seeking to establish their homes in this colorful city.
The average price of homes for sale Las Vegas for the week that ended on 17th February was $ 333,406. The median sales price of homes hovered around $ 132,000. The average price of per square feet of area is around $ 163. Per square feet prices have witnessed a drop of 43% in comparison to previous year's figures. The city was one of the initial residential markets that were hit hard by the housing downturn. However, recent reports suggest that the market is on the path of recovery due to increasing buyer activity. Foreclosed homes in Las Vegas have been in the reckoning for quite a while now.
The economy of the city is primarily sustained by activities such as tourism, conventions and gaming. These in turn add to the growth of the dining and the retail industries. The population in the city is on the rise, and this has prompted the growth of the real estate industry. Be it luxury homes or apartments, real estate in Las Vegas has developed to a great extent.
Of all the neighborhoods in the city, there are some which are preferred over others by real estate buyers. The list includes names like Canyon Gate, Summerlin, Peccole Ranch, Sunrise Manor, and Summerlin South. Of the properties in Summerlin South are priced way beyond that of others as reflected in the average listing price. Summerlin South homes had an average listing price of $ 955,718 and are followed by Canyon Gate, which had an average listing price of $ 604,152 for the week that ended on February 17. Summerlin, located in close proximity to Red Rock Canyon National Conservation Area and the Spring Mountains, is a planned community, and Summerlin homes are in great demand. Since the early 1990s, the trend of homes shifted towards the highrises, especially in the southern section of the Las Vegas strip.
If you are interested in buying a property in Las Vegas, you should immediately contact a local realtor. If you are looking for a gay realtor in Las Vegas, you can make a quick search on the Internet to find one. No matter whether you are looking for luxury homes in Las Vegas or if you are interested in buying an apartment in one of the highrises, a realtor will assist you in finding a suitable one.