The U.S. is nearing 300 million residents and a new question is arising: "is bigger always better?" Immigrants and births are outpacing deaths and those leaving the country by a considerable margin. In late November of 1967 there was much to celebrate as the U.S. reached its 200 million mark. America had become a great country. Now, with looming traffic issues and housing concerns people are less excited if not a bit nervous about future growth.
How does the growing population in the United States affect Las Vegas? A recent study for those concerned about fuel lines coming into the city suggested that Las Vegas will grow by 50% in the next decade. Assuming the current population is 1.8 million that puts us at 2.7 million in 10 years. 90,000 residents a year or 7,500 per month on average have to enter the valley in order to achieve these estimates.
Well, we all know that the real estate market is slow for those who are selling. In fact, in certain parts of the city the home prices are dropping considerably. HOWEVER, if the valley is to grow by 900,000 people in the next decade this trend won't be around long. In fact, market experts suggest that within 18 months to 2 years a growth rate similar to that of 2003 will reoccur. So, those who are considering a move to the valley will likely be making a great decision. Get in touch with your Las Vegas real estate agent today to learn more about the future market.
- Las Vegas real estate agent, Darren Hildreth, Realtor® reporting on Las Vegas real estate.