Years after it was hammered during the mortgage crisis and real estate market collapse, Las Vegas land sales are booming again.
Prices for acre lots have jumped from between $175,000 and $185,000 late last year, to as much as $275,000 last month. In March, some parcels are selling for prices higher than $350,000, VegasINC notes.
Last month, new home sales in the Las Vegas area soared 65% over the previous year. Prices went up, too. The median price for a new home hit $234,467, a 21% rise over last year.
The head of Home Builders Research called the price escalation “downright scary” and said the region’s economy was unlikely to sustain such rapid increases.
Last month, Internet real estate broker Redfin published a list of the hottest U.S. real estate markets for flash home sales. In flash sales, homes sometimes sell within 24 hours of being listed.