Housing Markets in a Pandemic: The Curious Case of Las Vegas – UNLV real estate expert Vivek Sah Ph.D.
As the Las Vegas economy continues to rebound from the coronavirus pandemic, Dr. Vivek Sah, director of the Lied Center for Real Estate in the Lee Business School, offers an analysis of Southern Nevada’s housing market and how it stacks up against the greater recovery of the region.
From a once-in-a-century pandemic to an irrational stock market, 2020 was a year of anomalies. And you can add the buoyant housing market to the bizarre year. Although housing markets were up across most Metropolitan Statistical Areas (MSAs), the case of Las Vegas warrants particular attention.
Before the pandemic, few would have expected Southern Nevada to be the beneficary of a growing – least not exploding – housing market during a global crisis. But as we look back on the past year, prices in Las Vegas have averaged a growth of 20% year over year, which ranks among the highest in the nation. For context, consider that Las Vegas was the poster child of the housing crash of 2008, and has an abnormally high reliance on the gaming and hospitality industries.
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