Forecast For The Las Vegas Housing Market

After another day of selling real estate in Vegas, I’m back at the computer blogging. You know what? I like blogging. It’s relaxing. Today, on March 21, 2023, as I was about to do my weekly update, I noticed that U.S. News & World Report released their Las Vegas Housing Forecast. Rather than doing my normal weekly stat update, I felt it would be MUCH more fun to give you a summary of their thoughts With that said, I can’t predict markets. If I could? I would have done it over 30 years ago when I first got licensed.

BTW – You can find the full version of their forecast at link above!

Summary Of The Report By U.S. News & World Report

• Las Vegas has expanded beyond its famous casinos and entertainment to include major league sports teams and outdoor attractions
• The Las Vegas housing market rebounded in recent years but has shown signs of leveling out in 2023
• Building permits for single-family homes peaked in February 2022 and declined year-over-year through January 2023
• Multifamily permits increased in January 2022 but have since declined year-over-year
• Las Vegas is currently experiencing a slight buyer’s market with 4.6 months of supply in January 2023
• Luxury homes in communities such as The Ridges in Summerlin are in limited supply and sellers should focus on renovating to attract buyers
• Rental vacancy rates in Las Vegas increased slightly but remain lower than the peak in January 2018
• The current market may be soft, but Las Vegas remains an attractive area for sports and entertainment, with potential future growth in higher-density housing

Summary Of The Report By U.S. News & World Report

• Las Vegas is facing challenges with fresh water supply, which could impact future growth
• Foreclosures and delinquencies in Nevada remain low, but all-cash sales could impact existing home prices
• Median home prices in Las Vegas have fallen from their peak in mid-2022 but are still higher than the national median
• Las Vegas continues to see job growth, particularly in construction and manufacturing
• Builder confidence in the West Census Region has improved but is still lower than the national level
• The Las Vegas housing market could recover faster than other housing markets due to population, employment growth, a good business climate, and investor interest
• Buyers may be able to take advantage of the current buyer’s market in Las Vegas by submitting offers below the list price and taking advantage of seller concessions
• The Las Vegas real estate market could recover faster than other markets due to its strong economic fundamentals
• The market may also face challenges in the future, including water scarcity and inflation-related mortgage rate increases

Las Vegas

The glittering desert jewel of entertainment and casinos – has recently transformed into an incredible metropolis. With strong economic growth beyond hospitality to include major league sports teams and amenities stretching far from The Strip, it is a success story worth noting. Despite battling against increasingly challenging weather conditions due to rising water demands compounded by multi-year droughts, this mecca continues its journey forward with adaptability and resilience.

Real Estate

Should you want to learn more about this market, I’d be happy to show you the ropes. With several decades in the business, my goal is to help you better understand this market. From the quaint villages in Summerlin to luxury condos at One Queensridge Place, I know how to help you achieve your goals. Feel free to reach out for a confidential conversation. Thank you for taking the time to stop by my website.