Despite rising inflation and mortgage rates, the Las Vegas real estate market remains red hot. February saw another month of growth for the Las Vegas real estate market, where home prices continued to rise and inventory remained low. Southern Nevada's real estate market has been seeing record prices and rapid sales as buyers flood the Las Vegas real estate market. Changes in home prices and home affordability are two of the many metrics real estate investors use to analyze a housing market before buying a rental property. The Housing Affordability Index (HAI) compares median household income with the prices of average resale single-family homes. HAIs use 100 as the reference index number. Real estate markets with an HAI greater than 100 tend to be more affordable to buy, while cities with an HAI of less than 100 tend to be more favorable for renting. 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. If you need to sell your home in the Las Vegas area, call or text (70) 357-3354 to receive a free home value analysis. But it is also possible that house prices will continue to rise, as they have for several years. Nearly non-existent interest rates, of course, weren't going to last forever, and with the Federal Reserve about to reduce its bond-buying program, largely as a result of rising inflation, first-time homebuyers could find themselves locked in. Similarly, 85.7% of all condo and townhome units in Las Vegas were on the market for 30 days or less. Similarly, 76.7% of all condos and townhomes sold were only on the market for 30 days or less. They are expressing confidence in the stability of house prices and in the number of housing units available on the market. Even though Las Vegas home prices have reached new levels, the market remains attractive to residential real estate
investors. As Bankrate's Ostrowski said in a news release Monday, the housing boom of the past two years “has widened the affordability gap between low-priced and high-priced metropolitan areas”, but with remote work “becoming the norm for white-collar employees”, it's possible to be left with a higher salary while living in a cheaper place. Both Carson City and the Las Vegas-Paradise Metropolitan Statistical Area (MSA) unemployment rates did not change throughout the month. We have already analyzed historical and current trends in the Las Vegas real estate market to get answers on why to invest resources in this market. Homes in East Las Vegas sell 6 days faster and are 91% less popular than houses
in the surrounding area. In March, house prices in Southern Nevada rose 28.5 percent year-on-year, compared to a 20.6 percent increase nationally, according to the CoreLogic Case-Shiller S&P Index. The US casino capital “used to be an affordable alternative to California”, but rising prices and a booming market have made it “less attractive to new buyers”, according to a report. This is the home price forecast for Nevada, Clark County, Las Vegas, Henderson and the Las Vegas metropolitan area. If you need to sell your home, call or text (70) 357-3354 for a free home value analysis.