Houses For Sale In Las Vegas – This Is Bad…

Houses For Sale In Las Vegas – This Is Bad… The new year is off to a rocky start for real estate. There are now thousands of houses for sale in Las Vegas compared to last year. This is bad for home builders and sellers but good news for home buyers. As the houses for sale in Las Vegas pile up, home builders and sellers are now drastically reducing prices. Last May, the median home price peaked to $482,000. Several months later, we are currently at a median price of $425,000. Although this is approximately a 10% overall price correction, I do see more price reductions happening this year. The amount of houses for sale in Las Vegas now on the market is quite surprising and likely to increase as high interest rates haven taken many buyers out of the market. This is good news if you are a potential buyer but this is bad news for the selling side. Home builders are especially struggling with a large supply of standing inventory which is likely to increase this year. Nearly all of the houses for sale in Las Vegas have been reduced or willing to reduce price and or offer seller concessions. The tide has turned and buyers are now in the driver seat. There will likely be even better deals for buyers as we head into the first quarter and half of this new year. If you’re looking to buy a home in Las Vegas, it would be wise to be patient at least through this first quarter of 2023.

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Jerry Abbott – REALTOR®
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Jerry Abbott – REALTOR®
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Simply Vegas – The Wulf Group