Source: Bankrate —
Despite a recent cooldown, the Las Vegas housing market remains fairly competitive as out-of-towners continue to relocate to this famous desert city. Whether you’re a current resident or hope to be one soon, it’s helpful to understand the local housing market before buying or selling a home in Las Vegas. Here’s what you should know about the current state of the market, including recent trends and predictions.
Las Vegas housing market overview
It’s no wonder the housing competition can be fierce here: Thanks to its sunny climate, world-renowned entertainment scene and Nevada’s lack of individual income tax, Sin City’s population is growing fast. In fact, by 2060, Clark County (of which Vegas is the county seat) is expected to add more than a million new residents, bringing its total population to nearly 3.4 million, according to the Center for Business and Economic Research at the University of Nevada, Las Vegas.
After climbing steadily for years, Las Vegas housing prices peaked in mid-2022, when staggeringly high mortgage rates prompted a pricing drop across the country. But despite this decline, the median sale price of an existing home in Vegas still sits slightly above the national average.
Las Vegas housing market trends and stats
- If buying a house in Las Vegas is in your future plans, you might be pleased to learn that prices have been falling for months. According to Redfin data, the median sale price for a Las Vegas home was $375,000 in December 2022, down considerably from the all-time-high of $432,000 in June 2022.
- The sale-to-list ratio in Las Vegas was 97 percent in December, meaning that a typical home sold for 3 percent below list price. And more than 23 percent of homes had a price drop, a 9.4 percent increase over December of 2021.
- Homes spent a median of 69 days on the market before selling in December — a huge 40 percent increase over the year before.
