Las Vegas Real Estate Market Update November 2022
It’s a strong seller’s market with less than one month of inventory which means now is a great time to sell your home. The market is considered balanced when there is 6 months inventory available. Below 6 months indicates a seller’s market; more than 6 months indicates a buyer’s market. If you’re thinking about selling your home in Las Vegas, now is a great time to list. In June, 88.6% of all single-family homes sold were on the market for 30 days or less, up from 86.9% in May.
Although a slight increase in inventory from last month, Las Vegas continues to be a seller’s market with homes going quickly. For reference, matchreviewer 6 months of inventory is considered a balanced market. In September, 64.5% of all condos and townhomes sold in 30 days or less.
Comparing to April of last year , this number is up approximately 26.7% when the median home price was $375,000. The median home price for single family homes sold in May 2022 in Las Vegas climbed to a new high, reaching $482,000. Comparing to May of last year , this number is up approximately 25.2% when the median home price was $385,000.
Las Vegas housing market not so kind to buyers, sellers
The number of single-family listings is up 1.6% from August and up 134.5% from the prior year. There were also a total number of 8,121 single-family houses listed without offers at the end of September. In September, there were a total of 3,376 new listings, which is down 15.8% from August and down 8.5% from the prior year. The Tuscany Village community with more than 2500 homes is situated around a 6906 yard lushly landscaped course designed by renowned architect Ted Robinson. Home owners enjoy the public golf course with extremely reasonable fees and Clark County resident discounts. Lush, green landscaping is the highlight of Tuscany Village with hundreds of elegant Canary Date Palms and scenic entry.
Sales were down 8.8% for homes and down 6.6% for condos and townhomes from a year ago. The housing market here is complex and constantly changing — which is one of many reasons why hiring a real estate agent to guide you through it is a smart move. Whether you’re a buyer or seller, working with an experienced local agent will give you insight into the Las Vegas market and help you navigate the buying or selling process with confidence.
Valley Vista is a newly developed master-planned community located in North Las Vegas. If you are looking for a good amount of square feet and options for your home, then this master-planned community might be worth taking a look at! The kitchens in these newly built homes are made with stainless steel appliances such as cooktops, single wall-ovens, dishwashers, and with much ample space. Find AgentsIf you don’t love your Clever partner agent, you can request to meet with another, or shake hands and go a different direction. We offer this because we’re confident you’re going to love working with a Clever Partner Agent. Each month, we compare locations in Nevada based on different criteria.
(/info/mls-disclaimers/#mls_25) The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed. Sign Up or Log InUnlock a game-changing advantage in one of the hottest real estate markets. Existing local home prices have more than quadrupled since hitting the post-recession bottom in January 2012, when the median price of a single-family home in Southern Nevada was $118,000. The May sales pace equated to more than a one-month supply of properties available for sale. That’s up from past months, according to LVR, but still results in a tight supply.
Several new builder incentives were offered in January 2023, providing opportunities for buyers to save money. Taylor Morrison provided limited-time finance savings on select homes, offering an interest rate of 2.49% for year 1, 3.49% for year 2, and 4.49% for year 3. Toll Brothers offered a National Sales Event with incentives on select quick move-in homes, while Pulte offered special financing on a 30-year fixed rate of 4.25% for quick move-in homes. As of February 2021, home prices increase 2.9% from the month prior and were up 12.3% from February 2020. As of March 2021, home prices increased 2% from the month prior and were up 14% from March 2020.
Mortgages on properties financed by government-insured loans, such as FHA or VA mortgages, are excluded, as are properties with mortgages whose principal amount exceeds the conforming loan limit. Mortgage transactions on condominiums or multi-unit properties are also excluded. As such, NeighborhoodScout does not produce appreciation rates for neighborhoods that consist solely of renters or have no single-family homes . With a population of 646,790, 236,410 total housing units , and a median house value of $412,015, Las Vegas real estate prices are well above average cost compared to national prices. Investing in Nevada real estate is a good choice, especially in a city with a high population like Las Vegas, where housing is always in demand.
The first half of the previous year saw a huge increase in the demand for housing in Las Vegas, Nevada. Downtown Las Vegas, home to the casinos and hotels, is the city’s most accessible neighborhood, but housing is sparse there. According to Zillow’s data, the median sale-to-list ratio was 0.984 as of December 31, 2022, indicating that homes were selling very close to their list price.
Significant employment generation across multiple non-core sectors relieves Las Vegas of its high reliance on leisure and hospitality, thereby making the housing market more resilient than it was in 2008. Warm weather, a relatively lower cost of living, seemingly never-ending activities, and the plethora of thriving retirement communities make Las Vegas real estate an ideal place for retiring. Just north of the Lakes, the neighborhood of Canyon Gate is the area of choice for many retirees in Las Vegas. The median listing price for Canyon Gate real estate is in the $500k range. In fact, many residents consider it one of the best places to live in the entire state of Nevada. Its schools are above average, and there are over 200 parks, a huge number of entertainment centers, and some of the most accessible outdoor recreation in the area.
In April, 87.2% of all single-family units sold in 30 days or less, and 91.1% of all condos and townhomes sold in 30 days or less. This shift is likely due to the higher interest rates, inflation and the unknown as to what’s going to happen in the coming months. With this shift in market, buyers now have more options to choose from and negotiating leverage.
Clever’s Concierge Team can help you compare local agents and find the best expert for your search. Tri Pointe Homes is having the HOW ABOUT NOW EVENT. During the How About Now Event take advantage of limited-time 5.625% interest rate, as well as other benefits on a home you can live in now. This is for their quick move-in homes and you have to use their in-house lender.
The current market conditions are moving toward stability, making it an excellent moment for both buyers and sellers to bargain like it’s the old days. For buyers, the market is moving; more properties are becoming available, and sellers are lowering their prices. In September 2021, 83.8% of properties had been on the market for 30 days or less. Neighborhood appreciation rates from NeighborhoodScout are based on both median house value data reported by respondents via the U.S. Bureau of the Census, and a weighted repeat sales index, meaning that they measure average price changes in repeat sales or refinancings on the same properties. This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac .