As we've been saying for months, the rate of appreciation we've seen over the past two years seems unsustainable. LVR reported that at the end of May there were 3,570 single-family homes listed without any kind of offer, 75%, 8% more than last year. If you need help selling your home in Las Vegas or the Henderson area, call or text (70) 357-3354 to receive a free home value analysis. Last month, the president of Los Vegas Realtors, Brandon Roberts, said the area had approximately a one-month supply of properties available for sale.
Now that you know where Las Vegas is, you probably want to know why we recommend it to real estate investors. The Las Vegas real estate market continues to attract many buyers from other states such as California and New York, among other places. Real estate prices have continued to rise in Las Vegas, interest rates remain low and there is a shortage of inventory, making it unlikely that the Las Vegas real estate market will crash in the near future. This means that Las Vegas is surrounded by a lot of open land, but it can't expand simply to meet demand.
Homes sold quickly, buyers paid above the sale price, supply was low, and prices, which rose rapidly, reached new all-time highs almost every month. Local and national house prices are still rising sharply from previous year's levels, but the main fuel for last year's over-the-top frenzy, rock-low mortgage rates, has vanished. The total number of luxury homes for sale is 573, up from 495 last month and slightly less than the 595 available at this time last year. That represented a 12.5% drop compared to single-family homes sold in July and an 8.1% drop compared to August last year.
The average apartment size in Las Vegas is 893 square feet, with studio apartments being the smallest and most affordable, one-bedroom apartments are closer to the average, while 2- and 3-bedroom apartments offer more generous square footage. Home prices continued to rise and inventory remained low during March in the Las Vegas real estate market. Whether you're thinking of buying or selling, it's a good idea to consult with a licensed Las Vegas realtor. The employment rate in Las Vegas has fluctuated between half a point and a point above the national unemployment rate.