A look at Nevada’s exploding housing market
As the end of the year approaches, the country is still feeling the pinch of an economic crisis amid the COVID-19 pandemic – but interestingly enough, several states are enjoying a boom in their respective housing markets.
Look no further than Nevada, which has enjoyed the benefits of a steady exodus of citizens moving out of expensive states – California, for example – in search of more space and affordable housing.
This isn’t a new development; in 2017, the United States Census reported that California had the highest out-migration of any state in the country with approximately 660,000, followed by Texas, with 467,338 movers, and New York, with 452,580. And between 2017 and 2018, approximately 50,000 California residents made the move to Nevada.
Housing prices in California are notoriously high. In September, the median price of homes in the Golden State rose to an astronomical $712,430. Compare this to Nevada which, even with a robust housing market, still only tops out at an average median price of $330,000 on previously owned single-family units.
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