Las Vegas Homes For Sale – Don’t Buy!

Las Vegas Homes For Sale – Don’t Buy! The popular spring buy season for real estate is quite different this year than from previous years. The amount of Las Vegas homes for sale from last year until now has slowly decreased but so too has prices. The median Las Vegas home price now stands at $425,000, down from the peak of $485,000 last May. The average mortgage rate is 7-8% for most borrowers making affordability very challenging. Even though there are currently less than 5,000 Las Vegas homes for sale, inventory is expected to rise if interest rates continue to climb. Qualifying for a home loan is increasingly becoming more difficult which inevitably will push more Las Vegas homes for sale back onto the market. The popular spring buying season always has more demand but this is likely going to change in the second half of 2023. I think many of the Las Vegas homes for sale will see further price declines as we enter the summer, fall and winter seasons. The US economy is on the brink of financial default, inflation is still firmly in place, unemployment and foreclosures are rising and home prices have inflated far faster than income levels. This is a very unsustainable real estate market. If you don’t buy one of the many Las Vegas homes for sale right now, you could save significantly on a home later this year or in 2024. Being patient for now is the prudent play as there is a lot of economic uncertainty right now. Home prices in general, especially Las Vegas homes for sale, are likely going to go lower after the summer season just like last year.

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Jerry Abbott
NV License # S.0183274
Summit Properties
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📲 Email: jerry@jerryabbottrealty.com

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