Will Housing Prices Go Down in Las Vegas?

The Las Vegas real estate market is showing signs of adjustment, with home prices continuing to rise but sales beginning to fall. Despite inflation and mortgage rates, the Las Vegas housing market remains red hot. Zillow estimates that home values in the Las Vegas area will increase by 18% this year, after a 25-30% increase last year. The current local inventory of homes in Las Vegas is a two-month supply, making it a seller's market. Home sales have dropped in April and May compared to the previous month and year, but homes are still selling faster than they were last year. With businesses and jobs continuing to move to northern Nevada, demand for housing is putting pressure on available supply. This is causing prices to remain high and unlikely to crash in the near future. If your budget is tight due to inflation, you may need to lower your price range when looking for a home. Despite the pandemic, the Las Vegas housing market remains strong and stable.