The Las Vegas residential real estate market is currently experiencing a boom, with high demand and low inventory driving up prices and creating a competitive marketplace. Here’s a brief breakdown of what’s happening in the Las Vegas housing market right now:
Home Prices are on the Rise
Home prices in Las Vegas have been on the rise for several years now, and that trend shows no signs of slowing down. According to the Greater Las Vegas Association of Realtors, the median home price in the area was $385,000 in May 2021, up 22.2% from the same time last year. This increase is due in part to low inventory, as there are simply not enough homes on the market to meet demand. In fact, the inventory of available homes in Las Vegas is at its lowest level in over two decades. Which is keeping home prices where there at currently.
Demand for homes in Las Vegas is currently extremely high, with buyers from all over the country attracted by the city’s sunny weather, low taxes, and affordable cost of living. Many buyers are also looking to take advantage of the many programs being offered by lenders like 3-2-1 interest rate buydowns, which makes it more affordable to buy a home. As a result, homes are selling quickly and often receive multiple offers, driving up prices even further.
New Construction across the Valley
To help meet the demand for housing in Las Vegas, many new construction projects are currently underway. Builders are focusing on creating more affordable housing options, such as townhomes and condos, to help make homeownership more accessible to a wider range of buyers. However, even new construction homes are selling quickly and often above asking price due to the high demand. Be sure to have your realtor with you when you walk in, to ensure that your getting the absolute best deal possible.
New Investment Opportunities
The Las Vegas housing market is also attracting out of town investors, as the city’s booming economy and growing population make it an attractive place to own rental properties. The strong demand for housing, combined with the city’s low property taxes and relatively low cost of living, make it a good place to invest in real estate. Nearly half of all homes in the valley are owned by investors looking to make a good return.
In summary, the Las Vegas residential real estate market is currently experiencing a boom, with rising prices, high demand, and low inventory creating a competitive marketplace. While this can make it more challenging for buyers to find a home and get a good deal, it also presents opportunities for those looking to invest in real estate. If you’re interested in buying or selling a home in Las Vegas, it’s important to work with a knowledgeable and experienced real estate agent who can help you navigate this dynamic market.
If you’d like to learn more about the market and how it may affect your home search, please let me know. I’d be happy to provide you with a comprehensive market update and answer any questions you may have!