Las Vegas Homes For Sale – This Is Huge!

Las Vegas Homes For Sale – This Is Huge! The real estate market is continuing to face serious headwinds as we close out the first quarter of 2023. There are over 5,000 Las Vegas homes for sale as inventory continues to rise. This a 200% increase from this time last year. This is huge news for potential buyers as more options and better prices are likely on the horizon. Nearly all of the Las Vegas homes for sale are at lower prices from this time last year and some are heavily incentivized. Home builders and sellers are capitulating on prices because the Fed continues to raise rates and less buyers now qualify to buy homes. The average mortgage payment is now almost $2,600 per month and homebuyer demand has dropped 27% year over year. The amount of Las Vegas homes for sale will likely continue to increase as buyer demand diminishes as mortgage rates are well over 7% on an aggregate basis. The median prices of Las Vegas homes for sale now stands at $415,000, down from the $485,000 peak of last year. This is important to see because lower home prices are needed to offset the current soaring mortgage rates. It looks like the downtrend on home prices will continue as the Fed continues to raise rates and will likely stay elevated for a while. There will continue to be thousands of Las Vegas homes for sale and that number could potentially increase while potentially forcing home prices down in the foreseeable future.

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Jerry Abbott
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📲 Email: jerry@jerryabbottrealty.com

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