The luxury housing market in Las Vegas is on the rise, with homes that are being sold in the million dollar range at a significantly increased rate. 85 home sales at the million-dollar mark were made during the first quarter of 2013. This figure is up from just less than 40 home sales of million-dollar listings in the beginning of 2012.
Current market trends in Nevada for million-dollar home sales means the possibility for the current year to rank as the top year by overall volume for Nevada's luxury housing. The market is being measured from the beginning of when the local and national economy changed gears. High-end housing is considered any homes that have sold for at least $1 million in the current market.
During 2012, million-dollar home sales were registered at 194 sales. In the previous year, a little less than 200 sales of million-dollar homes were accounted for in Nevada (188 to be exact). During 2010, 252 sales of million-dollar homes were listed, and 219 in 2009. Alternately, 352 home sales for luxury housing and million-dollar homes was recorded in 2008 in Nevada- a significantly higher figure.
Overall on a national scale, just over 8,000 sales of million-dollar properties and luxury housing were recorded during the first quarter of 2013; this figure is up from 6,100 ion 2012. However, even though current luxury housing home sales are on the rise, the prices for luxury housing are still much lower then what the owners of the homes had paid.
Luxury housing in Southern Nevada is appealing to potential homebuyers as an investment tool, as well as homes that can be continually updated and improved over time. Building a dream home can still cost in the million-dollar price range, however, with the ample lot sizes of many luxury housing listings, expansion is an option to upgrade both the enjoyability of home living, as well as the overall value.