Las Vegas real estate has seen an impressive appreciation rate of 12.88% over the past decade, with home values rising 33.3% in the last year alone. If you're looking to get the best deal on your new home, it's best to buy between December and April, when the market is less volatile. Your real estate agent can provide more detailed guidance on how to time the market effectively and help you find the perfect home for your budget and priorities.
In January, 711 condominiums and townhomes were sold, with 322 units still available at the end of the month. This indicates a 0.5 month inventory on the market, meaning that prices may vary slightly at different times of the year. The Las Vegas metropolitan area covers 8,000 square miles and five cities, including Henderson and Summerlin South. It's known for its business-friendly government and lack of state sales tax, making it less affordable for those with an average household income.
With 6 months of inventory suggesting a balanced market, Las Vegas is still a strong seller's market. If interest rates start to rise, it could make it more difficult for buyers to purchase larger homes at more expensive prices. In June this year, home prices increased by 2.6%, representing a 21.5% increase from last year's average home price.
Nevada HAND receives 2,000 calls a day from people looking for affordable housing and only has a “handful of vacancies” in its 4,700 unit portfolio. This could be an indication of strong demand for rental housing in Las Vegas and its surrounding areas. In addition, over 100,000 manufacturing jobs have been created in just five southwestern states in three years, with Nevada accounting for 30% of the total.
All this affects a homebuyer's ability to buy a home and the amount they qualify for. With this in mind, now could be a great time to buy a house in Las Vegas if you're looking for an affordable option with plenty of job opportunities.