The Las Vegas real estate market is continuing to heat up, with home prices and demand continuing to rise. Despite interest rates reaching levels not seen in more than a decade and unprecedented price growth, buyer demand has “remained strong” according to Dan Handy, an economic data analyst at the listing site Zillow. Home prices have been recording huge gains year after year, making it even more expensive to buy a home.
A report by REALTORS in Las Vegas shows that prices continue to rise in Southern Nevada, even though sales have fallen since this time last year. This is the home price forecast for Nevada, Clark County, Las Vegas, Henderson and the Las Vegas metropolitan area. The market, however, “may be close to a tipping point when it comes to price growth” according to Handy. House hunters “will likely begin to rethink what they can afford and that sellers “may already be responding, as the rate of price cuts is increasing.
Las Vegas realtor data released Friday shows that home prices continue to rise, but sales are starting to fall. This also marked the tenth consecutive month in which Las Vegas price growth exceeded the national average. Currently in the Las Vegas real estate market, prices continue to rise and inventory continues to decline. Buyers who time the Las Vegas real estate market who expect lower prices haven't been successful for the past two years.
Overall, the market is strong and unlikely to crash in the near future. People are expressing confidence in the stability of house prices and in the number of housing units available on the market. Homebuyers in Southern Nevada returned to record prices last month, but the overall market “may be starting to calm down a bit as sales fall and inventory rises, a new report shows.
For those looking to buy or rent a home in Las Vegas, it's important to keep an eye on the market and understand how rising house prices may affect your rent or purchase. With housing prices continuing to rise, it's important for buyers and renters alike to stay informed about what's happening in the local real estate market.