Living In Las Vegas: Experts Predict a “Roaring 20s” Post-COVID Recovery, Continued Hot Residential Real Estate Market - LV Luxury Condos | High-Rise Condominiums To Own In Las Vegas
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Living In Las Vegas: Experts Predict a “Roaring 20s” Post-COVID Recovery, Continued Hot Residential Real Estate Market

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Casino and real estate executives agree – Las Vegas as a destination will come roaring back like the high-energy Roaring 20s that followed the 1918/19 Spanish flu pandemic.

“..when we get into a post-COVID world, the pent-up demand you’re going to see for gaming in general and Las Vegas in particular is going to be beyond your wildest dreams,” said Caesars Entertainment CEO Tom Reeg during an investors call and reported by the Las Vegas Review Journal.

the las vegas stip at night with heavy traffic and pedestrians

“I think people are going to want to dress up and go out and be around people once it’s safe. It’s going to be similar to the Roaring 20s after the pandemic of 1918 and 1919. It was like ‘Oh my God. We survived this, let’s go have fun. Las Vegas can establish itself as that place to go again to let loose,” said Wynn Resorts CEO Matt Maddox speaking before the Las Vegas Latin Chamber of Commerce and reported in the Las Vegas Review Journal.

“There’s going to be a demand for just having fun. Las Vegas is the perfect destination for doing just that. Add to that the return of fans to professional sports and this city will see an economic boom surpassing anything imaginable prior to COVID,” said Uri Vaknin, a partner at KRE Capital LLC, which owns Juhl, the loft-style condominium community in downtown Las Vegas and the twin-tower luxury condo community One Las Vegas on S. Las Vegas Blvd.

This is definitely good news for the Las Vegas economy. And equally important and indicative of future economic health is the state of the Las Vegas residential real estate market, which Vaknin notes never took a downturn throughout COVID.

tmobile arena lights up for sports event at night

In fact, the Las Vegas condominium and single-family home real estate market has been red-hot over the last 12 months with no signs of letting up as evidenced by record-breaking sales at the downtown Las Vegas luxury condo community Juhl. In March 2021 13 condos sold at Juhl, a record for monthly sales.

Indeed experts predict that the Las Vegas real estate market will continue to set records.

penthouse living room with newly remodeled finishes

A report released on April 6, 2021 by Las Vegas Realtors shows local home prices are rising to another record with more homes being sold despite a tight housing supply.

  • The median price of existing single-family homes sold in Southern Nevada during March was $363,000 — breaking the all-time record set in February and up 13.8 percent from the same month last year.
  • Prices for Las Vegas condos and townhomes also increased compared to one year ago 4.6 percent from March of 2020.
  • Compared to the same time last year, March sales were up 35.1 percent for homes and up 39.8 percent for condos and townhomes – a number that speaks volumes about a preference for a more carefree condo lifestyle with reduced home maintenance and a the ability to more easily travel.
  • In March, 24.1 percent of all local property sales were purchased with cash. That’s up from 21.2 percent one year ago.
  • Homes have been selling faster than they were one year earlier. In March, 84.0 percent of all existing local homes and 80.9 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 72.4 percent of all existing local homes and 76.0 percent of all existing local condos and townhomes sold within 60 days.

light and bright dining room

“This is the first month where our housing statistics show a year-over-year comparison to the beginning of the pandemic,” said 2021 LVR President Aldo Martinez in a press release. “At the rate we’re going we could see even greater gains in home prices and sales next month since the housing market stalled briefly last April before roaring back since then.”

Real estate experts like Vaknin agree that when all factors are combined – historically low interest rates, competitive housing market, rising home prices, an influx of new transplants from states where the cost of living is considerably higher than Nevada, and emergence from COVID – an economic boom is the result, making now the perfect time to buy Las Vegas.