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Summerlin, Las Vegas Housing Market Update

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Summerlin, Las Vegas Housing Market Update

SOLD IN SUMMERLIN SOUTH IN 2022: A 3-bed, 5-bath, 5,687-square-foot golf property

Summerlin is a master-planned community spanning 22,500 acres in the western rim of the Las Vegas valley. With its network of parks, community centers, shopping district, and more, its population has now grown to over 100,000 since it opened in 1991. If you’re interested in buying homes for sale in Summerlin, NV, this housing market update will come in handy.

Nevada housing market

In November 2022, there was a 2% decline in the median price of single-family homes in Southern Nevada compared to the previous month, but the median home price was still up by 2.6% year-over-year. The trends over the years show a steady rise in home prices.

As of February 2023, there was approximately 4 months’ supply of homes available for sale in Southern Nevada. The inventory marked an increase of over 400% from 2022. While there was an increase in supply, demand also rose as more and more people opted to move to Nevada.

Las Vegas continues to see the highest year-over-year gains in home values, with an appreciation in real estate value of about 260% over the last decade. The Southern Nevada real estate remains strong given the booming economy and the rising population.

Summerlin housing market

Despite a nationwide housing slowdown, Summerlin home sales remain within the top 10 highest-ranking among all master-planned communities in the US. According to national consulting firms John Burns and RCLCO, Summerlin ranked 7th and 9th among master-planned communities nationwide, respectively. It continues to be a benchmark for amenities, commercial spaces, and community integration.

While there was a sharp decline in sales in 2022, mainly due to the rising mortgage rates, experts predict renewed momentum when rates drop to 5% or 6% as the year progresses. Seven new neighborhoods, mainly featuring detached single-family homes, are set to open in western Summerlin, increasing the inventory to meet the demand.

The perks of investing in a home in Summerlin

For aspiring investors, Summerlin is a great place to invest in. The developers pride themselves in the quality of the community, ensuring that homes and buildings adhere to design guidelines and standards. Adjacent houses don’t have the same color to avoid having a monotonous neighborhood. Home designs are subject to review for exterior alterations to make sure that Summerlin remains as one of the best master-planned communities nationwide.

One of the perks of buying Summerlin real estate is that there is no state income tax in Nevada, and property tax rates are among the lowest across the nation. Homeowners are also protected from steep rises in property tax bills because of Nevada’s abatement law on property tax that limits the annual increase at a maximum of 3%.

Buy homes for sale in Summerlin, NV now

If you’re interested in buying Summerlin and Las Vegas homes for sale, it’s now or never. Real estate in the Las Vegas area continues to be in high demand, and is not expected to slow down anytime soon.

I’m Tammy Eden, an award-winning Realtor in Nevada serving areas from Summerlin to Downtown Las Vegas. Whether you want to buy or sell a property, I can definitely help you. I will tailor my services to your needs to make your journey in real estate as smooth as possible.

Check out Summerlin and Las Vegas real estate today by calling 702.513.1300 or by leaving a message here.

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