As we've been saying for months, the rate of appreciation we've seen over the past two years seems unsustainable. According to the Las Vegas Realtors (LVR), at the end of May there were 3,570 single-family homes listed without any kind of offer, a 75% increase from last year. If you're looking to sell your home in Las Vegas or the Henderson area, call or text (70) 357-3354 to receive a free home value analysis. Last month, the president of Los Vegas Realtors, Brandon Roberts, said the area had approximately a one-month supply of properties available for sale.
Las Vegas is an attractive destination for real estate investors due to its low interest rates, rising real estate prices, and shortage of inventory. This means that Las Vegas is surrounded by a lot of open land, but it can't expand simply to meet demand. Homes sold quickly, buyers paid above the sale price, supply was low, and prices, which rose rapidly, reached new all-time highs almost every month.
Although local and national house prices are still rising sharply from previous year's levels, the main fuel for last year's over-the-top frenzy - rock-low mortgage rates - has vanished. The total number of luxury homes for sale is 573, up from 495 last month and slightly less than the 595 available at this time last year. That represented a 12.5% drop compared to single-family homes sold in July and an 8.1% drop compared to August last year.
The average apartment size in Las Vegas is 893 square feet, with studio apartments being the smallest and most affordable. One-bedroom apartments are closer to the average, while 2- and 3-bedroom apartments offer more generous square footage. Home prices continued to rise and inventory remained low during March in the Las Vegas real estate market. Whether you're thinking of buying or selling, it's a good idea to consult with a licensed Las Vegas realtor.
The employment rate in Las Vegas has fluctuated between half a point and a point above the national unemployment rate. This indicates that despite some fluctuations in house prices, the Las Vegas real estate market is still booming.
