Las Vegas real estate has appreciated 235.99% over the past decade. It is equivalent to an average annual home appreciation rate of 12.88%. The value of homes rose 33.3% over the past year. It's true that home sales are better in spring after a few months of winter hibernation.
But real estate transactions in Las Vegas will really accelerate starting in June. And the frenzy of activity continues for most of the summer until the end of August. The best month to sell a home quickly in Nevada is June. Nevada homes sold in June are on the market an average of 47.8 days faster than the annual average.
If you're thinking about selling your home in Las Vegas, now is a good time to list your house for sale. In June, 88.6% of all single-family homes sold were on the market for 30 days or less, compared to 86.9% in May. Similarly, 85.7% of all condominium and townhome units in Las Vegas were on the market for 30 days or less. Let's say you bought your investment property in the '70s or '80s, for example.
It would have been cheaper then and would probably have steadily gained in value over the years. Now may be a good time to withdraw money and invest the money in another property or other product that continues to increase the value of your money. At that rate, the current home inventory would only last 1.35 months if there were no new homes on the market. The total number of luxury homes for sale is 573, up from 495 last month and slightly less than the 595 available at this time last year.
The supply of homes for sale is very low and homes sell quickly due to strong demand from both local and out-of-state buyers. February saw another month of growth for the Las Vegas real estate market, where home prices continued to rise and inventory remained low. During the month of May, the Las Vegas real estate market saw a rise in home prices, the total number of homes sold declined, and more inventory came to market. Just make sure you've done everything in your power to make the house attractive, within a reasonable budget, by the time you publish the offer.
As a result, bidding wars are still common among buyers, and sellers face multiple bidding situations with homes that sell out quickly. Some of the phrases you might hear when looking for a condo in Las Vegas are “off the Strip” or “off the Strip,” these phrases. Considering that 6 months of inventory suggests a balanced market, Las Vegas is still a seller's market. Selling your home can be a complicated process, and setting the right price right from the start can significantly affect the number of offers you receive and how you do it.
Las Vegas isn't even close to the ocean, but you'll find some of the most creative and fun water attractions and services in the world. They can also review lease agreements with you, arrange for inspections, and help you with the task of selling your investment property.