Las Vegas Real Estate Market Update: May 2023

By: Kristen Riffle May 24, 2023

The Las Vegas real estate market is experiencing a recent surge of activity.  With rising home prices, limited inventory, and competition among buyers, the market is although volatile, yet still dynamic and fast-paced.  In spite of recent actions from the Federal Reserve, we attribute a fair portion of this surge of activity to the influx of out of state buyers.

According to the latest data from the Las Vegas Realtors Association, the median home price in Las Vegas reached $425,000 in March 2023, representing a significant 10% increase compared to the same period last year. Additionally, the number of homes available for sale is at a record low, with just 1.2 months of inventory on the market. This scarcity of homes means that properties are being snatched up swiftly, with the average home selling in a mere 21 days.

The home price index in Las Vegas has been steadily increasing over the past six years. This is due to a number of factors, including the strong economy and the influx of new residents. The sharp increase in home prices in 2022 is likely due to the COVID-19 pandemic, which has caused a number of people to relocate to Las Vegas in search of a more affordable place to live.  We have also seen price reductions due to inflation and interest rate hikes, that have put pressure on buyers affordability.  The price range that has taken the biggest hit was In the 300-600K price range.  Luxury Is still In demand.

These statistics have important implications for both buyers and sellers. If you're a buyer, it's essential to be proactive and decisive. While rates are still up, there can be more wiggle room in negotiations, but as soon as rates start to lower, when you find a home you love, be prepared to act swiftly and potentially offer above the asking price due to the competitive market conditions.

On the other hand, if you're a seller, now may not be a bad time to list your property.  Limited supply mean you can take a swing at top dollar for your home, but until we see rates start to dwindle prepare to make concessions and keep a realistic outlook on price and neighborhood comps.  

Considering these factors, if you're considering buying or selling a home in Las Vegas, it's wise to take advantage of the current market conditions. The market is thriving, and prices are projected to continue their upward trajectory.

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Courtesy of Zillow