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April 2023 update on the Las Vegas housing market

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April 2023 update on the Las Vegas housing market

beachfront housing in las vegas

Although Las Vegas wasn’t spared from the effects of the sluggish activity in the overall US housing market at the start of 2023, its real estate market remains sought after among many home buyers. Access to a luxurious suburban environment and world-famous amenities continue to be a top selling point, almost regardless of how the market shapes up.

That said, there are a few factors and trends to keep in mind whether you’re looking to buy or sell Las Vegas real estate. These key updates could mark a steady shift in market conditions over the next few months.

Potential signs of a market shift

According to data from Las Vegas REALTORS®, the median listing price of single-family homes continues to remain stable at around $425,000 since December 2022. The average home sales price in March 2023, however, has increased to $518,621 — an almost 5% jump from February 2023. This could potentially signal price increases across the board in the coming months.

There are a few more corroborating signs that the days of lower prices in the Las Vegas housing market could be numbered:

  • Buyer demand is ramping up. Number of single-family units sold increased by 37%, with 2,361 homes sold in March 2023. Likewise, the 601 condos and townhome units sold represented a 33% increase.
  • Inventory is tightening.The supply of single-family homes is 34% less compared to February 2023. Available inventory in March is down to about 1.8 months. The same figure applies to the supply of condos and townhomes.
  • Less sellers in the market. The number of new single-family listings decreased by about 14%. On the other hand, the condo and townhomes market is up by 19%, but it remains to be seen whether supply can keep up with increasing demand.

What do these all mean, as far as buyers and sellers are concerned?

Buyers can still take advantage of relatively lower home prices

Those who are prepared to buy now, despite inflation and higher interest rates, shouldn’t waste any more time locking down that Vegas home. We are likely seeing the tailend of price reductions and it’s not guaranteed that interest rates go down later in the year. If you’re ready to make a move now, go ahead and do it.

Sellers will start gaining the upper hand

Home sellers have had difficulties getting offers on their property in the past several months. But these challenges won’t persist for long, especially for owners of condos and townhomes, which are significantly more affordable than single-family units.

We are already seeing a few listings in the market getting multiple offers. And in a market like Las Vegas, a slight hike in demand could snowball into a full-blown sellers market.

It’s still too early to tell whether housing supply will increase or remain as is, however. In the short term, given significantly higher interest rates, sellers should be realistic when pricing their homes to entice more buyers to make inquiries.

For more information on the Las Vegas housing market, get in touch with me, Tammy Eden. With over 10 years of experience in the industry, I’m prepared to make your real estate journey hassle-free. Call me today at 760.567.7822 or send me an email when you’re ready to take that first step.

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