Is it a good time to buy a house in Las Vegas? The current state of the Las Vegas housing market can be best described as the slowing down of the market slowdown. The market is on pace to close in a similar fashion to the 2019 market. While the current real estate status is still grappling with the effects of the pandemic and high-interest rates, it’s safe to say that it is on its way to becoming more stabilized – unless the interest rates continue to go up.
Historically, it is not uncommon to see the real estate market go through a series of ups and downs. It’s important to look at the overall market trends over the past five years or so. The rapidly changing market requires home buyers and sellers to look at the pending sales and the Las Vegas real estate market inventory as it is a more significant indicator of where the next two months are headed, as far as Las Vegas real estate market trends are concerned.
Let’s take a closer look at the numbers to forecast what this month will be like for the Las Vegas real estate market and gain some insights into the outlook for the rest of the year.
The median price of single-family homes is $450,000, which is down 3.2% from the previous month. There is an 11.1% increase in year-on-year comparison from the same time last year. The decrease in single-family home prices in Las Vegas signal the third consecutive month of depreciation for this type of property.
On the other hand, the median prices for condo units and townhomes are up 2.5% from July 2022. The median price for condos and townhomes is $264,900. It is also up over 15% from the previous year. Despite the price increase from the previous month, condos and townhomes remain the more affordable housing option for buyers who were pushed out of the single-family home market due to the steep interest rates. Hence, it explains the rise in the number of units sold for this type of property.
The number of units sold for single-family homes is 2,002, which is down 3.1% from the previous month. The single-family homes that were sold for this month were down from last year’s total number of units sold by a whopping 31%!
The case is different with condo units and townhomes because of the upward trend. A total of 611 condo units and townhomes were sold this month. The number of condos and townhomes sold saw an increase of 0.8% from the previous month. Despite the appreciation in the number of units, it is a significant drop from the total units sold last year (-31.2%).
The inventory of units for single-family homes increased 9.1% from the previous month. Compared to the available units from last year, the available units this month saw an increase of 145.6%. Over 70% of the available units stayed on the market for 30 days or less.
For condos and townhomes, the inventory is up by 12% with total units available at 1,812. The year-on-year comparison shows up to a 163% increase in the inventory of condos and townhomes.
While the single-family homes market depreciates for its third month now, the number of pending sales is up. The pending sales offer a positive outlook for the next two months once those sales are closed. Market fluctuations are historically common and there are signs of stabilization to a certain degree.
A telling trend in the Las Vegas housing market is that the luxury housing market remains untouched. Over the past month, there were 118 sales for homes valued over the million-dollar price range. This number is up from the previous month (approximately 108 luxury homes sold).
For interested buyers, it’s also best to check out the communities that are considered top buyer’s markets right now. Buyers should look into these areas to get leverage: Aliante, Anthem, Lone Mountain, Silverstone Ranch, Sky Canyon, and Summerlin.
Thanks for reading! Thinking of buying, selling, or just have questions? Click SCHEDULE YOUR FREE CONSULTATION in the upper right-hand corner of your screen or call us directly at (702) 605-2269.