Local Buying Tips

The Las Vegas housing market is sizzling hot. Home sales are higher than last year's levels, and prices are setting new records. The inventory is declining month-over-month and can't meet the demand. The housing demand is also feeling the pressure as people continue to flock to Las Vegas from higher-priced areas, especially Southern California. According to industry experts, this trend has accelerated during the pandemic setting the highest pace for home sales in the area in 14 years.

According to Nevada Census data, it is projected there will be a 1.51% increase in population between 2020 and 2025, as well as a 1.46% increase in median income in that same timeframe. All these factors will lead to less supply and will help keep the single-family price levels strong.

The housing supply in Southern Nevada now at 0.5 months, well below what is considered necessary for a balanced real estate market.  Months of supply is a good indicator of whether a particular real estate market is favoring buyers or sellers. Typically, a market that favors sellers has less than 6 months of supply, while more than 6 months of supply indicates an excess of homes for sale that favors buyers.

Call me at 702.412.1676 and let's chat about your future dream home.