The ups and downs of the Las Vegas housing market have a huge impact on the small cities and towns outside the Las Vegas valley. In fact, these markets may be more volatile and, even though it may not sound possible, more dependent on the Las Vegas economy than the Vegas market.
Cities and towns like Boulder City, Laughlin, Mesquite and Pahrump, all places in which Cooper Roofing & Solar is proud to work, saw increased home construction and prices as Las Vegas boomed. Drawn by relatively inexpensive housing and the benefits of a smaller community, people who lived and/or worked in Las Vegas began looking to communities outside the valley for housing.
The housing bubble, of course, eventually burst. And like in Las Vegas, real estate in the rural areas crashed…Now as the economy rebounds, property values are climbing in Pahrump, Boulder City, Laughlin and Mesquite. But the rise isn’t as pronounced as in Las Vegas, and unlike in the valley, construction is largely at a standstill.
When the economy is booming in Las Vegas and housing prices rise, many people look at their own situations and decide that the advantages of living in a smaller community can offset other circumstances, such as a longer commute. With housing in the Las Vegas valley still fairly affordable, Las Vegans aren’t as likely to look outside the valley for a place to live. But, as housing prices in Las Vegas rise, more will eventually decide in favor of living in, and enjoying the benefits of, places like Boulder City, Laughlin, Mesquite and Pahrump.