Zillow announced the Top 10"Luckiest Markets" for home buyers. And Las Vegas was No. 1. Our homes priced jumped almost 75 percent in four years.
According to Zillow, if you purchased a Las Vegas home in January 2012, the lowest median purchase price was $114.600. The current value of that home at the end of January 2016 was $200,400, a 74.9 percent gain.
A caveat: It's that four year thing. Historically, the bottom of the Las Vegas Real Estate Apocalypse (my term) was December 2011, according to statistics from the Greater Las Vegas Association of Realtors. Back in 2012, you could purchase a home from the price of the land and maybe one bathroom. The rest of the house was free. Really!
The Realtor board reported that the median price for Las Vegas homes in 2006 (the top of the boom was in June) was $315,000. It fell to $118,000 in 2012.
Zillow started tracking the numbers for this list in January 2012 at the very bottom of our market. So of course we got much of our lost equity back because the sales prices back there were unrealistic. The Wall Street hedge funds figured that out, remember?
Still, those of us who still have our homes will take it! And that's the real lesson in real estate: Prices ALWAYS go up, just not in a linear fashion. If you can hold on, you will do fine...eventually.
Here are the nine markets under us in price gains according to Zillow:
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