Your 2018 Summer Market Snapshot
We’re still in a seller’s market in Las Vegas, but buyers in the lower price ranges have a great opportunity to find the right home and negotiate a great deal.
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As we move toward the end of summer, our Las Vegas real estate market is doing very well.
Under the $500,000 price point, we’re still in a seller’s market. In this range, we have just over a one-month supply of homes, and the median price is up 16% compared to earlier this year—a time when a lot of buyers were engaged in bidding wars and paying over the appraisal amount to get a home, especially under $300,000.
I’ve seen a small slowdown with this type of activity lately, but that’s typical during the hot summer months. This is why it’s a good time for buyers to get in the game in this price range. Interest rates are already rising, and we may see more price increases in September and October.
Above $500,000 we’re in a seller’s market too, but there’s more inventory available. This means sellers for higher-priced homes need to have a good home that’s priced accurately in order to attract buyers. Buyers, meanwhile, have more choices and a much better shot at negotiating a good deal in this price range.
Overall, the national economy looks great, and our local economy is doing phenomenal. We’re still one of the fastest-growing cities in the nation, and many people from higher-priced markets are moving here for a variety of reasons, not the least of which being that they can buy a home for a lot less money, not pay any state income tax, and enjoy the sunshine.
If you’re thinking of buying or selling in our Las Vegas market or you have any real estate questions, don’t hesitate to reach out to my team and me. We’d love to help you.