The Truth About the Las Vegas Housing Market

The Truth About the Las Vegas Housing Market

Hey everyone, as an experienced licensed Real Estate Agent in the Las Vegas Market, I wanted to share with you my thoughts as to what is really going on with the housing market. I have been a Las Vegas resident for over 30 years and have been a realtor for 7 years, with a management background in business for 20 years.

If anyone knows me, I am the type of agent that is very honest and ethical to the core and I am also a very logical person. With my 20 years’ experience being a manager, I really know how to analyze the numbers. So, today I am here to shed some light on the TRUTH about the Las Vegas Housing Market.

There are a lot YouTubers out there that are doom and gloomers, painting a picture that the Las Vegas Housing Market is far worse than it really is. They are telling you not to buy, saying now is not a great time to buy in Las Vegas, Las Vegas Market is crashing, It Gets Worst for Buyers, Disaster etc. They are telling you to hold off and wait until the end of 2023 or 2024. They show you examples of National numbers that doesn’t truly reflect what the actual numbers are for Las Vegas. They will show you examples of all the price reductions on Zillow of home prices being slashed. (Which that home could have been over priced to begin with and that’s why you are seeing a reduced price) They will tell you that the market is going to be inundated with lots of inventory on the market. So on and so forth.

In 2019, everyone was saying that the Las Vegas Housing Market was going to crash in 2020, man were they ever wrong! When January 2020 came around, the market was very strong and it was heading to be a stellar year. COVID happened and we were in a lull for a few months, but when June 2020 hit, we took off like a rocket and the market hasn’t been the same ever since. All these people were saying back then “don’t buy”, wait until 2021, the market is going to crash again. If you listened to them back them, I am sorry. Look at all the equity people have gained in 2020 and 2021 because they didn’t listen to the doom and gloomers and bought.

The reason I bring this up is because these same doom and gloomers are telling you again not to buy now, they are saying that the market is going to CRASH! Well, I am here to paint a different picture for you and tell you that they are wrong. I can only see what is happening at the present moment (reality) and based off of the last 4 months of analyzing the market updates, I am here to tell you a different story. Now things can happen in the summer and the FEDS might increase interest rates, but I can’t predict what is going to happen in the future, I can only share with you what is happening right now based off of the current numbers and what I have been experiencing as a seasoned realtor.

In May of 2022 the median price peaked at $482,000, since then we have seen a decline in the median price and the only thing that has attributed to this is the increase in interest rates. In December of 2022 the median price hit $425,000, in January 2023 the median price remained the same, in February 2023 the median price decreased by $5 to $424,995. In March 2023 the median price increased back up by $5 to $425,000.

Basically, the median price has remained relatively flat for the last 4 months, and as of March 2023’s market update, there were 4,196 single-family homes on the market with only 1.8 months of inventory. What does that tell me? It tells me that sellers don’t need to list their homes, they have awesome interest rates, why should they sell now and then buy a new home at a higher interest rate? The only homes that are on the market, are homes where sellers have no choice and have to sell.

NEW CONSTRUCTION

So that brings me to my first observation! Since there is very little inventory on the resale side, buyers are looking at new construction homes. Guess what the builders are doing now? Price increases and waitlists. Prime example, a new community that just opened up on April 22, 2023 called Alpine Ridge by Tri Pointe homes in a new development called Kyle Pointe, has sold out on their first two lot releases. They have sold 8 homes the first day they opened. Their next lot release won’t be until May 20^th and they will only be releasing 4 lots. They already have a waitlist for this community.

Nighthawk by KB Homes in the new Kestrel Commons Village also has a waitlist. With every new lot release the builders are going to be increasing the prices. Now don’t get me wrong, there is still a lot of great deals to be made on buying a new construction home here in Las Vegas, but that’s for those communities or builders that have quick move-in homes or move-in ready homes where they are trying to close out the community. And even those builders are not offering as much of a deep discount as they were a few months ago when I was telling you that it was a GREAT time to buy new construction home.

RESALE

Now let’s go to my next observation, multiple offers!! Yikes, it’s back. With the limited inventory on the market, the homes that are priced right, move-in ready and in a good location are getting multiple offers again. Really? Yes, I have been pulling up a lot of listings for my clients and I am seeing “Highest & Best Offer” Seller has received multiple offers and please submit your highest and best offer!

The Las Vegas housing market has shifted slightly and it is definitely not going in the direction that all these doom and gloomers have predicted.

Don’t get me wrong, I don’t want the home prices to go crazy high like they did for the last 2 years. I want a more balanced and stable market. All I am saying is, if you are looking to buy a home in the Las Vegas Valley before the prices continue to rise, then now may be a good time to buy. I had a lot of clients back in 2020 and 2021 that told me they were going to wait out the market and buy when the prices go back down. They should have bought back then when the interest rates were great and the prices weren’t so high.

FINAL THOUGHTS

The point of the story is, you can’t time out the market. If you are able to and can afford to buy a home right now and you want to live in Las Vegas, then there are still lots of opportunities and deals to be made.  You just need an experienced realtor who knows how to negotiate in this every changing market. Don’t be the person who wished they bought 5 years ago.

Your home is an investment. Prices go up and prices go down, but if you stay in your home long enough you will gain solid equity. Las Vegas has a lot going for it, the Oakland A’s will be permanently moving here, we have the Raiders, we have the Golden Knights and so much more. We finally have pro sports teams here and the city is ever growing.

April 2023 Market Update

Also, if you are thinking about buying or selling in the Las Vegas Valley, CLICK HERE or you can call me at 702-370-5112.

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Angela O’Hare
Favorite Las Vegas Realtor
Home Realty Center
Lic. #180246
702-370-5112
[email protected]
www.neighborhoodsinlasvegas.com