Las Vegas Homes For Sale – Collapse!

Las Vegas Homes For Sale – Collapse! We are in the peak home buying season as we enter the summer of 2023 but a real estate collapse remains as strong possibility. The economy is poised to hit rough water later this year with more interest rate hikes expected this summer and fall. There are now just over 3,600 Las Vegas homes for sale but these numbers change monthly. Although inventory for Las Vegas homes for sale has slowly declined this year, the amount of homes for sale in Las Vegas is likely going to increase as we get closer to the end of 2023. There is a potential real estate collapse coming as we go through this year as interest rates are likely to go higher and less home buyers are able to qualify. The average price of the many Las Vegas homes for sale now stands at $442,000, down 10% from last year’s peak of $485,000. The economic uncertainty coming this year coupled with soaring interest rates hints at a decline or potential collapse of home prices over a longer period of time. This could cause the current amount of Las Vegas homes for sale to increase while pushing prices lower. Mortgage rates for the average home buyer is close to 8%, nearly the highest levels in the past 20 years. Along with high mortgage rates, home prices remain near peak levels. As a buyer, I would continue to be patient before potentially buying any of the numerous Las Vegas homes for sale. As interest rates and mortgage rates remain high and likely increase, home prices, especially Las Vegas homes for sale, could further recede, albeit it more slowly through the rest of 2023 and 2024. Many forecasts are predicting home prices to decline later this year and into 2024 so being patient is a wise option, particularly if you’re thinking of buying one of the many Las Vegas homes for sale.

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Jerry Abbott
NV License # S.0183274
Summit Properties
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