Latest Take On Vegas Home Prices
Hey there! I’m Lynn Stringer, a Las Vegas real estate broker, right in the heart of this whirlwind market. Let me tell you, it’s been an interesting few years. After the pandemic, we saw a historic slump in sales. Yet still, we see prices in our beloved valley climbing. It shows you the resilience of our market. From communities such as Summerlin to having no state income taxes, Nevada is a great place to live. Today, I have some of the latest stats from the Las Vegas Association of Realtors (LVR). Without further ado, let’s get into it.
The Current Scene
Here’s the latest as of March according to LVR:
- The median price hit $465,000.
- Prices up by 9.4% from last year.
- Sales? They’re down by 11.8%.
- Listings are trickling in, slowly but surely.
In plain English, homes are getting pricier while fewer are being sold. And yet, it’s the reality of our current market.
The Las Vegas Single Family Home Median Price Was $465,000 In March 2024
Behind The Scenes
Here’s the lowdown on what’s shaping our market:
- Rates are up. It’s tough out there.
- Homes? Harder to find.
- Listings dropped by 20.8% from last year.
Merri Perry, our LVR President, hit the nail on the head. Our biggest issue? It’s the housing supply, no doubt. We’re all feeling the squeeze. And it’s reshaping how we think about buying and selling in Vegas. 2023 was a slow year, the slowest since ’08, to be exact. But like I said earlier, we’re resilient. We’ve seen the market’s ups and downs. And we always find a way through. That’s Sin City for you!
Las Vegas Listings Dropped By 20.8% Since Last Year
Looking Ahead
What’s next? Good question.
- More homes? We hope.
- Prices stabilizing? Fingers crossed.
- The market? Always unpredictable.
We’re in a unique spot, that’s for sure. With prices still on the rise and sales taking a hit, we’re navigating uncharted waters. The market will ALWAYS be changing.
In conclusion, as a broker, it’s my job to guide my clients through this maze. It’s not always easy, but it’s what I love. Vegas is home, and I’m committed to helping folks find their place here, no matter the market’s mood swings. Here’s to hoping for more homes and a market that everyone can navigate. Should you have any questions about the Las Vegas real estate market, feel free to reach out at the contact form below. Thank you for reading my blog. See you again soon.