Las Vegas is a seller's market, meaning that prices tend to be higher and homes sell faster. According to the Las Vegas Realtors' latest real estate report, 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 growing number of homes for sale doesn't make it a buyer's market yet, as there is still a 145-month supply of homes for sale. A balanced market is considered to have 6 months of inventory, so Las Vegas is still far from being a buyer's market. Experienced homeowners are buying second homes, which means that Las Vegas is surrounded by a lot of open land, but it can't expand simply to meet demand. The city has had one of the fastest-growing employment bases in the country since the 1990s, benefiting from a large workforce and a favorable business climate. Home values in the Las Vegas metropolitan area are expected to rise by 10 to 15% over the next twelve months, although new buyers face a difficult environment. The total number of homes currently for sale is 4223, down from 4,537 last month, which represents a significant drop from the 6,605 homes available this time last year. The average rate for a 30-year fixed-rate mortgage is 5.27%. Homes in East Las Vegas sell 6 days faster and are 91% less popular than houses in the surrounding area. Brian Gordon, director of consulting firm Applied Analysis in Las Vegas, said that first-time buyers aren't the only ones facing difficulties in southern Nevada, as “experienced homeowners also face higher prices and higher mortgage rates, which has driven up loan costs.” Despite this, newcomers from more expensive cities can still find relative offers here. Overall, Las Vegas is still a seller's market with rising home values and fewer homes available for sale than last year. Investors who want to buy investment property in this city can benefit from the positive trends in the Las Vegas real estate market.
Mayra Eggleston1 minute 32, seconds read
Las Vegas is now one of the most overrated real estate markets in the United States with homes selling 41, 88 percent above their long-term price trend. Read this article to learn more about why Las Vegas real estate is overpriced.