Las Vegas is number one in the country for rising home values, beating out other major cities like Chicago, Houston, and San Diego. According to experts, the area saw a 12.9 percent increase in home values from last year.
“It is currently a seller’s market as buyers choose to pay over market value because of all the competition,” said Zar Zanganeh, a broker at, and the owner of Luxe Estates & Lifestyles.
Zanganeh also said that Las Vegas tends to lead the country in real estate trends.
“Vegas is one of the first to go up the fastest because when people are in Vegas, they buy that vacation property,” he said. “But when the market starts dipping, Vegas is the first to start dipping because the first payment they don’t make is the home they bought in Vegas.”
Fitch Ratings provided to Forbes shows homes sold in the Las Vegas, Henderson, Paradise metropolitan area are 21.3 percent above fair market value and are believed to be one of the most overvalued markets in America.
“We’re considered an overvalued market right now because we are low in inventory and we’re seeing people make multiple offers,” Zanganeh said.
Zanganeh recommends homeowners meet with a broker to find out what their home is worth because sites like Zillow are not always accurate and leave a lot of factors out of its calculations.
“It’s a computer that generates its answer based on the average neighborhood,” he said. “Las Vegas neighborhoods aren’t always average. You can have the same exact house across the street from each other, one on a million dollar lot view on a golf course and the other one can be backing up to a canyon.”
As for what is next: Zanganeh says he does not think the housing market will dip anytime soon.
“I don’t see the bubble bursting any time soon,” he said. “We have multiple casino projects; we have the Raider stadium, we have the medical school coming in so there’s a lot of things that are going to keep the market strong.”