Due to the economic development in Las Vegas, twenty billion alone from the gaming industry has led to a strong market for homes. In addition to the economic growth of the city, Las Vegas has a lot of available land, water and a favorable climate.
At of December 2005 the median home price in Las Vegas was $312,000. Home prices had gone up thirteen and half percent from the previous year. However, in February 2006 home prices in Las Vegas dropped to $309,000. Then in April, the house prices went up another two percent to a median price of $315,000. As of April 2006, the average house price in Las Vegas has gone up nine percent from last year. The strongest sales are in the condo and townhouse area with a nine percent increase over last year to a price of $200,000. Overall price changes haven't been that large in Las Vegas.
As of April 2006 there were over thirteen thousands home available for sale in Las Vegas and an average of three thousand were sold every thirty days. In comparison to last year, house sales have gone up in Las Vegas, but so has the availability of houses. For condos and townhouses over two thousand were available and over seven hundred were sold. House prices have increased in the last half of 2004 and the first half of 2005 for Las Vegas. House prices continue to increase in Las Vegas.
