Las Vegas is one of the most popular cities in the United States, and its real estate market has been booming for the past decade. Home values have risen by an average of 12.88% annually, with a 33.3% increase over the past year alone. This has made it an attractive option for both buyers and investors alike.
The Housing Affordability Index (HAI) is a metric used to measure the affordability of a housing market. It compares median household income with the prices of median resale single-family homes, with 100 being the reference index number. Markets with an HAI greater than 100 are generally more affordable to buy, while those with an HAI of less than 100 are more favorable for renting.
Summerlin, located within Las Vegas, is one of the most sought-after new housing developments in the area. Currently, there are 2,805 single-family homes listed in the MLS, as well as 978 condos and townhomes. In April, a total of 3,536 homes were sold - 2676 single-family homes and 860 condos and townhomes. This was 8.3% fewer than in March and 14.9% less than last April.
The inventory of all available housing types is 2,723, down from 2,873 last month and 3,292 this time last year. In February, 2,403 single-family homes were sold through the MLS - a slight decrease from January's 2427 sales. The total number of homes sold including condos and townhomes was 3,165 - slightly down from 3,186 in January but a nice jump from 1998 last February.
Today's buyers have between 7 and 10 additional options when considering condos and townhomes. The combined total inventory of homes for sale is 2627, down from 2,873 last month and 3,843 this time last year. Condos and townhomes add 793 options for today's buyers.
The total number of homes currently for sale is 4,223 - down from 4,537 last month and 6,605 this time last year. Soon, the listings will only offer 116 more opportunities in all categories. Las Vegas homebuyers continue to see low inventory - 3290 single-family homes for sale this month compared to 3475 last month.
For buyers who may consider condos and townhomes, there are 852 options available - 701 including high-rise condos. The total number of homes for sale is 4,290 compared to 3,732 last month and 7184 this time last year.
In August we sold 2,785 single-family homes plus 700 condos and townhomes - a 12.5% drop compared to single-family homes sold in July and an 8.1% drop compared to August last year.
Are you ready to buy a home in Las Vegas? As of today there are 4895 single-family homes for sale plus 2289 condos and townhomes - a total of 7184 properties for sale - a slight drop from 7205 last month but 38.4% less than what buyers had at this time last year.
Luxury home buyers have 459 single-family homes plus 89 condos and townhomes to choose from today. We have a total of 7369 single-family homes for sale plus 2373 condos and townhomes - a grand total of 9742 properties available.