Local Market Conditions in Las Vegas: 2023
The Las Vegas housing market has cooled significantly in 2023, with home prices down and inventory up. This is due to a number of factors, including rising interest rates, inflation, and a slowdown in population growth.
As of August 2023, the median sales price for a single-family home in Las Vegas is $412,000, down 5.2% from a year ago. Inventory has also increased, with 1,146 homes sold in June 2023, compared to 1,325 homes sold in June 2022.
This cooling of the market is good news for homebuyers, who are now facing less competition and more affordable prices. However, it is important to note that the Las Vegas housing market is still considered to be a sellers’ market, with homes typically selling within 38 days of being listed.
If you are thinking about buying a home in Las Vegas, it is important to be prepared to act quickly. Homes are still selling fast, and prices could start to rise again if the market heats up.
Here are some tips for buying a home in Las Vegas in 2023:
Get pre-approved for a mortgage before you start looking at homes. This will give you an idea of how much you can afford and make you a more attractive buyer to sellers.
Be prepared to act quickly. Homes in Las Vegas are still selling fast, so you need to be ready to make an offer as soon as you find a home you like.
Be flexible with your budget. Home prices in Las Vegas are still high, so you may need to be willing to spend more than you originally planned.
Consider buying a foreclosure or short sale. These homes are often sold at a discount, but they can be more difficult to finance.
Work with a experienced real estate agent. A good agent will be familiar with the Las Vegas market and can help you find the right home at the right price.
The Las Vegas housing market is still a sellers’ market, but it is starting to cool down. If you are thinking about buying a home in Las Vegas in 2023, it is important to be prepared to act quickly and be flexible with your budget. With a little planning, you can find a great home in Las Vegas at a great price.