The Impact of COVID-19 On The Las Vegas Real Estate Market

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For decades Las Vegas Nevada has held its ground as one of the entertainment capitals in the world. With a vast array of options to entice visitors from all over the world Las Vegas has always been up there for enthusiasts of a never ending good time, some of which end up falling for the charm of the strip and decide to make Vegas their new residency making the real estate market an always blooming one. As the COVID-19 pandemic took over, businesses left and right including the real estate market had to deal first hand with the economic effects that this pandemic brought upon them and had to start looking for new dynamics and solutions to stay alive.

During the pandemic online betting alternatives like BetUS sportsbook have now become a new normal, especially given the fact that in person wagering, be it for casino games or major sporting events is still frowned upon because of the pandemic we are living in. This all comes in hand into trying to define a new normality into one of the most important sources of revenue that holds the city of Las Vegas in the standard it stands in, as the sports and casino betting capital of the world.

Finding new ways to lure customers back into the idea of living in LV has been put into practice in hopes of bouncing back up. With a 2024 that was hard fought and a 2024 just out of the first trimester of the year, how will the real estate market in Las Vegas move forward?

In A Tourism Based City the Virus Took It All Down

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It was in mid-March of 2024, in the beginning of the coronavirus pandemic that for the first time since the funeral of President John F. Kennedy Las Vegas’ nonessential businesses closed their doors. This time though it wasn’t to mourn the loss of an important social figure, it was to help curb down the spread of the virus.

Nevada Governor Steve Sisolak made the official declaration of emergency on March 12th, bringing the whole state, Las Vegas included to a stop. With a dynamic that saw the usual “What Happens in Vegas, stays in Vegas” slogan take a change for a “Stay Smart. Stay Healthy” message, the “Entertainment Capital of the World” got ready for what was to come.

Hard times and economic adversity came down upon a city known for their tourism based economy. Hotels, casinos, restaurants and other entertainment facilities all saw their operations be shut down at first and then slowly come back to a grim landscape.

Hotels and Casinos, two of the biggest businesses in Las Vegas both re opened in phases adapting to what the new normal was. Changes included a wide range of health and safety protocols, COVID-19 testing for employees, capacity limits of 25% with social distancing rules in hand and obligatory face coverings in all public areas for employees and customers.

LV Real Estate Market Suffered and Then Thrived

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Through the economic hits that the pandemic took upon the city of Las Vegas, the local real estate market had to endure some initial hard times to stay afloat. Las Vegas’ tourism-dependent economy was devastated by the coronavirus outbreak. But the housing market, which initially was hit hard by the fallout from the crisis, has taken a boost with fast-rising sales and record prices.

With the unemployment rates rising alarmingly the housing market started seeing a mix between employed new home buyers looking to buy or upgrade and unemployed homeowners facing eviction and looking to sell their properties.

Real Estate companies saw a clue to thrive in the middle of this pandemic ridden economy, the historically low interest rates that made them have a surge in sales of properties, especially re sales of existing properties and the new grown interest for people from other states to move closer to Las Vegas.

By offering top of the line properties to people looking to live their mandatory lock down and at home work days in the best way possible the Las Vegas Real Estate Market has seen a substantial growth in their line of business. While before people only thought of Vegas as a place to party and let loose, the idea of living in Vegas is now a very attractive alternative.

2024 Has Been and Will Continue To Be a Hot One for Real Estate

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If the rise in the housing market in Las Vegas was a pleasant surprise in 2024, 2024 looks like it will continue to only get better. While wagering on how hot the market will stay in 2024 and how long it will take for the tourism industry to be back in full helm may come at a risk because of its volatility, even in normal times, Las Vegas is the betting capital of the world and the chances look better and better.

Las Vegas continues being a popular spot for people to move from high-priced areas in other parts of the country looking for markets where they can buy bigger and more affordable homes and with mortgage rates continuing on a low in 2024 and a strong demand for properties, the horizon is looking brighter by the day.

Home sales are expected to rise in 2024, that is a given but with that rise will also surely come a rise in home values. A 5,2% increase in home prices in the Greater Las Vegas Area was foreseen in the beginning of 2024 and will most surely continue to stay that way through the rest of 2024. While this is great news for local homeowners it should also work as a heads up for potential home buyers. The key should be to buy as early as possible in order to be able to see the investment value rise throughout the year of a property already in hand instead of in an open market looking for new buyers.

At the beginning of the year sales were expected to increase by 12% in regards to 2024, with a market offering low interest rates that will most likely continue through the rest of 2024. This only helps to speak volumes of how the market will continue to shape up and rebuild in 2024 where going back to normal is what everyone is expecting.