Airdeed Homes analyzed the Las Vegas real estate market for 2023 using the most current data from the Local Realtor Association. The median home sale price has fallen by about 7% and single-family home sales have declined. The stable housing supply could lead to a more balanced marketplace. Due to the high-interest rates and increased demand for affordable housing, condo and townhome sales have been stable.
Luxury market sales volumes have increased and the median sales price has gone up. To navigate the market trends, it is important to work closely with an experienced agent. While the median sale price of single-family homes in Las Vegas was unchanged, the average sale price fell 6.91%. While the average sale price for condos and townhomes fell by 9.89% but there was an increase in homes sold. Single-family home sales in Las Vegas have declined, but the median sales price has remained stable. This indicates that buyers are more likely to find affordable homes.
Quick Housing Market Facts
1. Single Family Median Sales Price = $424.9952 Single Family Median Sale Price = $424,9952: Down 6.91%
3. Average sale price for condo/townhomes = $269,000.006: down 9.89%
4. Single Family Active Listings = 7,466 – Down 6.49%
5. Active Listings for Condo/Townhomes = 1886: Lower
6. Average 30-Year Mortgage Rate = 6.8%
7. Average VA Interest Rate for 30-Years = 6.4%
Investment Market in Vegas
Las Vegas is one the most popular real estate markets in America right now. With average rents rising and new homebuyers entering, it’s one of the most desirable. Potential investors need to be aware of current economic conditions and how they could affect their investments. A professional real estate advisor will help potential investors to understand current home prices, property taxes, and other factors that may impact their decision.
Despite the economic slowdown caused by pandemic-related restrictions in Las Vegas, there is still great potential to make money from real estate investments. It is important to be aware that there are many possible outcomes, including unexpected changes in interest rates and eviction notices, when investing in real estate.
Investors looking to invest in Las Vegas need to be open to all possibilities, but also cautious. It is important to seek professional advice from an experienced advisor and be prepared for any consequences.