According to the latest report from Las Vegas Realtors (LVR), fewer homes are being sold even though there are more homes on the market. Sales fell by 8.8% for homes and 6.6% for condominiums and townhomes compared to a year ago. The unemployment rate in Las Vegas has fluctuated between half a point and a point above the national unemployment rate, and an estimated 14.8% of the Las Vegas Valley workforce was unemployed in September, the highest in the country among large metropolitan areas.
Las Vegas is now among the 10 most overrated real estate markets in the country, with homes selling 41.88 percent above its long-term price trend, according to a new analysis by professors at Florida Atlantic University and Florida International University. 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 Las Vegas real estate market continues to attract many buyers from other states such as California and New York, among other places. Home prices continued to rise during April in the Las Vegas housing market, and the median price of single-family homes rose to another all-time high. Buyers have flooded properties with offers, inventory is limited, and builders have raised prices and regularly put buyers on waiting lists.
Therefore, if you're looking for an investment property in Las Vegas, it's important to time the market correctly. Buyers who expect lower prices haven't been successful for the past two years, but there are still some signs that prices may be coming down. If you need help buying or selling a home in the greater Las Vegas area, call or text (70) 718-3878 to speak with an experienced real estate agent in Las Vegas.