Las Vegas is a desirable place to live for many reasons. While most people associate the city with the Las Vegas Strip, the city and surrounding suburbs have much to offer. There are thriving businesses, entertainment centers, and many natural wonders to explore within a couple of hours drive.
It’s no wonder that the Las Vegas housing market has been hot in recent years, with home prices above the national average. This thriving real estate market has led many to ask if the real estate in the Las Vegas Valley is overpriced.
Overall, Las Vegas remains a major housing market and quite competitive, although things have changed slightly in 2023.
Learn more about the Las Vegas market, including information on average house prices and the housing supply, in this guide from Sell Your House Fast Las Vegas.
Overview Of The Las Vegas Housing Market
In 2021 and 2022, Las Vegas saw a huge boom in its housing markets. Many people were moving from the coasts or other large cities to places like Nevada and Utah. This increased demand leads to increased home prices.
While the market is cooling off somewhat in 2023, there is still high demand for homes in Las Vegas. Overall, the outlook on the Vegas housing market is moderately competitive.
While the demand isn’t as high as during the peak of the pandemic, many people are still living and moving to the Las Vegas metro area.
Median Sale Price
In 2022, the median sale price in Vegas reached its all-time high at $434,000. While the median home sale price has gone down a bit, it hasn’t cooled down too much.
According to Redfin, the median home prices in Vegas right now are 415k.
Mortgage Rates
Another concern many potential home buyers have right now is mortgage rates. While home prices are one financial consideration in Las Vegas, the mortgage rates are also an indicator of the real estate market.
Because mortgage rates are so high in many areas of the United States, the real estate market in Vegas still tips in favor of sellers. Nevada has average mortgage rates of 7.29% for a 30-year fixed mortgage rate and 6.78% for a 15-year fixed mortgage rate.
Housing Supply
Buying a home in Las Vegas in 2022 was challenging, as there was a good deal of competition and not enough supply. In 2023, things are looking up somewhat for potential buyers.
There are more homes available for purchase than there were last year. However, the Las Vegas market is still in high demand.
Are Las Vegas Home Prices Dropping?
If you’re looking to purchase a home in the Las Vegas Valley, you’re probably wondering if house prices in the area will continue to drop, or if they will come back up again.
Overall, it’s hard to predict exactly what will happen to home prices in the next year. In the spring of 2023, the median home sale price was lower than it is currently. But, overall, the home prices are on a downward trend.
Some economic experts expect housing markets throughout the country to drop. So, if this prediction of a national trend proves true, buying a home in Las Vegas may become easier.
Should I Sell In The Las Vegas Housing Market?
If you’re currently considering selling a home in the Vegas real estate market, you want to know if now is a good time to sell.
There are many factors to consider when selling your home. Many of these considerations are financial. You want to think about:
- How much you paid for the house
- How much you still owe on your mortgage
- The value of your home
- The trends in the housing market
Because the market may continue to drop, now could be a good time to sell your house. The average home in Vegas is still selling at higher prices than pre-pandemic, so if you purchased your home before then, you can likely make a profit.
On the other hand, if you bought your home a couple of years ago, selling might only make sense if you’re looking to move out of state or downsize.
Should I Buy In The Vegas Housing Market?
For individuals looking to purchase a home in the Vegas area, the considerations are slightly different. Generally, property values are still high, although they have gone down somewhat.
The biggest reason to wait is to see if interest rates will go down. At the current rates, you could end up paying a considerable amount of money as you pay your home off. So, it’s important to consider the financial benefits and risks before purchasing a home in Las Vegas.
Get A Great Cash Offer For Your Las Vegas Home
For people looking to sell property in Las Vegas, now could be a great time. However, there are downsides to going through the traditional real estate process. For example, if you need to relocate because of a new job, you might not have the time or money to work with a realtor.
Instead, you can get a great market value offer on your home with Sell Your House Fast LV. We pay cash for your house, so you can sell quickly and move on to whatever is next for you.
You can get started online by answering just a few questions. From there, you’ll get a quote for your own cash offer.
Contact us today to learn more or to get started with the process!