How We Got Here & Where We’re At

Hello, I’m Lynn Stringer, a luxury real estate broker in Las Vegas. With 30+ years of experience, I’ve seen the ebb and flow of the market. And I’m here to share some wisdom and facts to keep you up-to-date. Before I share anything positive, let me remind everyone how real I keep things around here. In my July, 2022 post Red Rock Country Club Homes For Sale, I mentioned that inventory in the community had rapidly tripled. That was back then. My point is, I tell it like it is.

Market Overview

Las Vegas’s housing market is nothing short of distinctive. Its strategic location, growth potential, and affordability have always made it a hotspot for various buyers.

• Institutional investors
• Mom-and-pop investors
• Primary buyers

Yes, we witnessed a slowdown in 2022. However, we are now seeing a resurgence of interest and activity.

The 2021-2022 Las Vegas Market Surge

Between 2021 and 2022, we saw a remarkable market surge. Single-family residential housing units saw an increase of over 50 percent. Let’s break it down:

• Increased household formations
• Institutional investors
• iBuyers
• Pandemic migration
• Low interest rates
• Government policy

During this period, Southern Nevada welcomed approximately 70,000 newcomers, generating significant housing demand. It is strange to think about. I still have nightmares of the whole ‘multiple offer’ thing. It really was a miserable time to sell real estate. Lucrative, but miserable. 

Also Read: Why Are Californians Moving To Las Vegas?

Market Correction In 2022

2022 brought high inflation, supply chain issues, and rising interest rates. These factors put downward pressure on consumer buying power and led to a market correction. You guessed it, it sucked. And I spoke about it here on LUXE BLOG for several months.

• Housing prices adjusted
• Entry-level market trajectory slowed down
• Institutional investors reevaluated their buying patterns

Post-Pandemic Stabilization

Fast forward to Q2 2023, and the market is finding its footing post-pandemic.

• More houses listed for sale
• More choices for buyers
• Single-family median resale price decreased by 15-20%

The Future of Las Vegas

Las Vegas continues to grow. We expect major events like the Formula 1 Las Vegas Grand Prix and the 2024 Super Bowl. These events are projected to bring substantial spending to the city, positively impacting the real estate market. Also, Summerlin continues to sell villages such as Stonebridge, sales are well under way at the Four Seasons Private Residences Las Vegas, and there is action in Symphony Park. Lastly, Fontainebleau Las Vegas is opening at the end of the year. Finally, we can put the past behind us.

Current Market Statistics

Currently, the single-family home sales market inventory is decreasing while the sales volume is increasing. We currently have:

• Approximately 4,500 single-family homes for sale
• About 2,000 single-family homes for rent

Rent Rates In 2023

Demand for rental properties remains high, while the supply is low. Rent rates increased by 25%-40% between Fall 2020 and Spring 2022. They have stabilized post-pandemic.

The Influence Of The Pandemic

The pandemic brought changes, especially an increased demand for housing due to:

• Mass migration to Sunbelt states
• Work-from-home trends
• Increased household formations

However, pandemic-era policies limited the available housing supply, causing a significant shift in market dynamics.

The 2023 Las Vegas Housing Market

Despite a 15-20% correction in housing prices, a market crash in 2023 is not expected. High demand and low supply continue to characterize the resale market. Rent rates, which increased between Fall 2020 and Spring 2022, have stabilized post-pandemic.

Outro

Nobody is going to live your life for you. Real estate is a crucial aspect of building your own reality. If you’re ready to leap into the Las Vegas real estate world, I’m here to help. In this dynamic market, a well-informed decision is your greatest asset. That’s where I come in. With decades of experience and a finger on the pulse of the market, I’m here to guide you through your next property venture. Here’s to turning ideas into addresses!