Las Vegas Real Estate Market

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Both buyers and sellers face challenges in Las Vegas’ housing market. We found that sales of single-family homes have fallen, and the median selling price has dropped by around 7%. This shows that the demand for the housing market is not increasing. The steady housing supply might lead to a balanced market in which neither seller nor buyer has an edge.

Contrary to this, there has been no increase or decrease in condo/townhome prices. This might be due in part to higher housing demand in this highly-interest rate market. This is expected to be a continuing trend as more people enter the housing market. There has been an increase of luxury sales and median prices, which suggests that the market is still open to high-end buyers. Las Vegas will continue to attract luxury home-buyers and those who desire luxurious lifestyles.

Overall, buyers and sellers will find both opportunity and challenge in the Las Vegas housing marketplace of 2023. Before you get into the housing market, this is important information. Buyers are able to profit from the increased housing supply as well as new builder incentives. However, sellers might need to price their houses competitively to attract more buyers in a less balanced market. An experienced agent will be able to assist with market trends and help make educated decisions.

Real Estate Market Trends: Southern Nevada

A knowledgeable expert in the real-estate industry, it is evident that Las Vegas’s housing market has been subject to many fluctuations over the last few years. With the pandemic having a large impact on the market, Buyers and sellers have both the opportunity and challenge of the market as it stands in January 2023. The Las Vegas Realtors’ authoritative report will be used to analyze Las Vegas housing trends. We are proud of our experience in giving reliable and relevant insight to our clients.

Vegas Homes Sold

According to the most recent educational statistics from Greater Las Vegas Association of Realtors the median sale price of Las Vegas single family home remained at $424,000.995 in January 2023. But, at $494.930, the median sale price for single-family houses saw a 6.91% drop.

The average sales price for townhomes and condos declined 9.89% over the past year to $269,000. However, there were positive signs for the market. The number of homes that sold increased from January 2023 to reflect the decline in price. Las Vegas had 1,722 sold single family homes last month, up from the prior month. Also, condo/townhome sales saw an uptick with 450 houses sold within the same period.

Las Vegas Single Family Homes Market

LVR has published the Las Vegas Real Estate Market Update. Based on this report, we’ve analyzed current trends within the Las Vegas housing industry. A team of realty experts evaluated the report to identify key opportunities and potential challenges sellers and buyers might encounter.

In January 2023 the Las Vegas market for single-family homes saw a drop of 13.6% in December 2022 and 48.3% in January 2022. The median price of single-family homes sold in the past was $425,000. This shows that there is a market for sellers as well as buyers. The median home sale price of single-family homes has declined by 7%. This indicates that more expensive properties aren’t as in demand. This data suggests that there may be opportunities for buyers to purchase houses at lower prices, but sellers could have difficulty selling their properties quickly.

Las Vegas Condos and Townhomes Market

Contrarily, though the median sales price for condominiums and townhomes increased 3.3% over December and 4.9% over the prior year respectively, they did not change throughout February. This may be due to high demand and affordability for housing. The experts at our firm recommend that buyers consider condominiums and townhomes because they are less expensive, as well as having a greater chance to quickly sell their homes.

Additionally, there was an increase in new listings to 2,477 from January to 18,860 from February. But this number is up slightly from December 2022 and down from last year. The decrease in listings gives buyers more options. However, sellers still may face difficulties in quickly selling their houses due to high interest rates.

Source: Las Vegas Housing Market Report: Home Prices and Interest Rates in Southern Nevada – Airdeed Homes

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