Houses For Sale In Las Vegas – DISASTER!

Houses For Sale In Las Vegas – DISASTER! As we enter into 2023, there are now over 7,000 houses for sale in Las Vegas. This is now triple the amount of homes for sale from one year ago. Needless to say, for homeowners or home builders looking to sell, it is a disaster. Having this many houses for sale in Las Vegas so quickly was a surefire way to force home prices down. Las Vegas home prices are now down 10% and in some areas 15% from the peak prices in May of 2022. The peak median home price was $485,000 in May of last year. Today the average median home price in Las Vegas is $420,000. Interest rates are still high which took many people out of the home buying market. The Fed created a disaster with raising interest rates too high, too quickly. The amount of houses for sale in Las Vegas now allows buyers to be more choosy with what they want to buy. Unlike the disaster unfolding for sellers, this will likely be a good year for buyers. I think the houses for sale in Las Vegas will be further reduced as more inventory comes to market this year and sellers are forced to capitulate to new market conditions. I would sit tight and not buy any of the houses for sale in Las Vegas until we see more price reductions. Be patient.

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Jerry Abbott – REALTOR®
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Jerry Abbott – REALTOR®
NV License # S.0183274
Simply Vegas – The Wulf Group