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Lake Las Vegas: Rising Home Values and Stable Ownership in a Resort-Style Community
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Lake Las Vegas, a picturesque neighborhood in Henderson, Nevada, is renowned for its stunning man-made lake and luxurious resort-style living. This upscale community has experienced significant changes in homeownership rates and property values over the past decade. From 2013 to 2022, the neighborhood saw a slight increase in homeownership, with average home prices rising substantially during the same period.
Homeownership in Lake Las Vegas showed an overall upward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 77%, which increased to 84% by 2017. After a slight dip, it settled at 80% in 2022. This trend coincided with a dramatic rise in average home prices. In 2013, the average home price was $301,922, which more than doubled to $706,779 by 2022. This represents a remarkable 134% increase over nine years, indicating a strong correlation between rising property values and homeownership rates in the area.
Federal interest rates have played a significant role in homeownership trends in Lake Las Vegas. From 2013 to 2020, interest rates remained relatively low, hovering between 0.09% and 2.16%. This period of low interest rates corresponded with the neighborhood's highest homeownership rates, peaking at 84% in 2017 when the federal interest rate was 1%. As interest rates began to rise more sharply in 2022 to 1.68%, we saw a slight moderation in homeownership rates, though they remained robust at 80%.
Renter percentages in Lake Las Vegas have generally declined as homeownership increased. In 2013, renters made up 23% of the population, which decreased to 16% by 2017. However, there was a slight uptick to 20% in 2022. Average rent prices have shown volatility over the years. In 2013, the average rent was $2,030, which peaked at $2,036 in 2014 before declining to $1,386 in 2017. By 2022, average rent had risen again to $1,945. These fluctuations in rent prices and renter percentages may be influenced by the neighborhood's growing population, which increased from 2,592 in 2013 to 4,892 in 2022, potentially creating more demand for rental properties.
In 2023 and 2024, Lake Las Vegas experienced a slight cooling in the housing market. The average home price decreased from $706,779 in 2022 to $690,339 in 2023, before slightly rebounding to $693,268 in 2024. This coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially dampening demand for home purchases.
Looking ahead, based on historical trends and current market conditions, we can anticipate continued growth in average home prices in Lake Las Vegas over the next five years, albeit at a more moderate pace than seen in recent years. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $800,000 by 2029. Rent prices are expected to follow a similar trajectory, with projected annual increases of 2-4%, potentially reaching an average of $2,200-$2,300 per month by 2029.
In summary, Lake Las Vegas has demonstrated a strong trend towards homeownership, with property values appreciating significantly over the past decade. The neighborhood has shown resilience in maintaining high homeownership rates despite recent interest rate increases. While the rental market has experienced some volatility, it remains an important component of the housing landscape, especially as the population continues to grow. The slight cooling in home prices observed in 2023-2024 suggests a potential stabilization of the market, but overall, Lake Las Vegas remains an attractive and valuable real estate market with positive growth prospects for both homeowners and investors.
