The city of Las Vegas is one of the nation’s most dynamic real estate markets. According to USA Today, Nevada the second fastest growing market in the nation. Real estate is the real name of the game in Las Vegas, and there is a wide selection of Las Vegas property for sale. Buying a home in Las Vegas is easy, but if you want to stay on top of Las Vegas real estate market trends, bookmark this page.
Las Vegas Real Estate Market
- Home pricing – The Greater Las Vegas Association of Realtors (GLVAR) provides a host of Las Vegas real estate data, and it reported that the median, existing single-family home sold in December 2017 for $267,900, up 14% compared to December 2016. Single-family houses for sale near las Vegas are now priced 8% higher than the national median, which was $248,000 in November 2017.
- Condo pricing – Vegas real estate includes an ample supply of condos, but like single family homes, condo prices are rising. in December 2017, condo prices were up 27% compared to a year ago, with the median condo selling for $143,000.
- Home sales – In fact, 2017 was third-best year on record for existing home sales in Southern Nevada, with 46,598 properties sold. That was still below the record 48,798 existing properties sold in 2011, when post-recession prices were still artificially low.
- Housing inventory – In a normal market a six-month supply of houses for sale in Las Vegas is considered optimum. The supply for anyone looking to buy house in Vegas remains at less than two months. In September 2017, it was 1.6 months, according to SalesTraq. Inventory has been tight for the past year or so, which means that there are less homes for sale than the market typically demands. For a home buyer that means that Las Vegas is a “seller’s market” — pricing is influenced by the tight supply.
- Master-planned communities – Las Vegas also boasts four of the Top 50 Selling Master Planned Communities of 2017, reports research firm RCLCO. These well-layed out communities should be on any short list looking for those looking to buy property in Las Vegas.