HENDERSON (KTNV) — The Townsite neighborhood in Henderson, is the hottest neighborhood of the year in Las Vegas, according to Zillow.
The median price of homes sold in the Townsite area in December of 2018 was $343,383, according to the Greater Las Vegas Association of Realtors.
That's up from December 2017, when the median price was $315,000 and a lot of that is because of the new businesses in the area.
"Independent coffee shop owners need affordable renting, and they end up going to older neighborhoods like Water Street," said Zar Zanganeh, of Luxe Estates & Lifestyles. "And those end up always being the funky new cool places to hang out, and that's a lot of why the street is now once again becoming popular."
If you are interested in renting in the area, realtors recommend talking to the landlords.
"As the real estate prices go up, landlords take notice to that, and they will be raising their prices as well," Zanganeh said.
Typically, rents increase by about 3 percent every year, but if you're renting in a popular area, it could be even more than that. So, negotiate before you move in and know how much it can increase.
Also, if you're looking to buy, research can be crucial.
"I always say it's best to explore the neighborhood. Look around and see what's being developed and call realtors that you see with open house signs. Go explore the neighborhood, walk through the neighborhood and meet the developers who are making the neighborhood new again," Zanganeh said.