Getting You Up To Speed
As a luxury real estate broker, I watch the local housing market DAILY. Since the market began changing one year ago, I started posting data here on LUXE BLOG. Looking back at my blog, you’ll see I have been hard on buyers and sellers (when appropriate). When the market was weak? I told you. When it was strong? You guessed it, I told you. And now that it is balanced, I am telling you.
Market Trends ?
Currently, the median list price for Las Vegas single family homes is $515,000. This represents a steady increase over the past few weeks, with the market action index hovering around 40. This indicates that we’re currently experiencing a slight seller’s advantage, with home sales continuing to outstrip supply.
That said, inventory has decreased to 2,768, which may signal upward pricing pressure soon (if the trend continues). Yes, you heard that right. The market is at a point where it’s possible to start seeing sellers list at higher prices again. This would signal the first time in 12 months that sellers have the upper hand.
Real-Time Market Profile
Let’s take a closer look at the current real-time market profile:
- Median List Price: $515,000
- Median Price of New Listings: $470,000
- Per Square Foot: $250
- Average Days on Market: 140
- Median Days on Market: 84
- Price Decreased: 44%
- Price Increased: 5%
- Relisted: 18%
- Inventory: 2,768
- Median Rent: $2,215
- Market Action: 40 (Slight Seller’s Advantage)
Market Segments
It’s also worth noting that the market is divided into segments, each representing roughly 25% of the market ordered by price. Here’s a breakdown of the median price, square footage, lot size, beds, baths, age, new listings, absorbed, and days on the market for each segment:
Today We Take A Deep Dive Into The Las Vegas Real Estate Market
Top Segment
- Median Price: $1,165,000
- Sq. Ft.: 3,855
- Lot Size: 0.25 – 0.5 acre
- Beds: 4
- Baths: 3.5
- Age: 20
- New Listings: 53
- Absorbed: 66
- DOM: 112
Upper Segment
- Median Price: $617,250
- Sq. Ft.: 2,540
- Lot Size: 6,500 – 8,000 sq ft
- Beds: 4
- Baths: 2.5
- Age: 18
- New Listings: 79
- Absorbed: 112
- DOM: 73
Lower Segment
- Median Price: $459,999
- Sq. Ft.: 1,930
- Lot Size: 4,500 – 6,500 sq ft
- Beds: 3
- Baths: 2.5
- Age: 21
- New Listings: 89
- Absorbed: 128
- DOM: 77
Bottom Segment
- Median Price: $370,000
- Sq. Ft.: 1,495
- Lot Size: 4,500 – 6,500 sq ft
- Beds: 3
- Baths: 2
- Age: 29
- New Listings: 113
- Absorbed: 164
- DOM: 70
What This Means for Buyers and Sellers
Overall, the Las Vegas real estate market is in flux, with a slight advantage for sellers. However, with inventory declining, this may shift in the coming weeks and months. For buyers, this means that now may be a good time to act before prices potentially rise. For sellers, it’s important to price competitively and be prepared for a possible market shift shortly.
As A Las Vegas Broker…
I can’t stress enough how important it is to be INFORMED. Remember, the key to success in real estate is KNOWLEDGE. Whether you’re a buyer, seller, or just interested in the latest market trends, you can stay informed here on my Las Vegas real estate blog. Having said that, I wish you luck on your home search.