Home Values are Increasing in Las Vegas

Home Values are Increasing in Las VegasLas Vegas has always been a great place to live. The amenities and neighborhoods are amazing and the home prices are affordable compared to many other major city locations across the country. Year over year home values have increased in Las Vegas, however showing that Las Vegas continues to grow in desirability and popularity. 

Increase in Multi-family properties

The median sale price of condos and townhomes is at an all-time high for the area. The median price of multi-family properties reached $290, 000. The median price is an 8% increase compared to the median price of multi-family properties in April 2023. The last record of home prices was in 2022 for multi-family properties. 

Increase in Single-Family Home Prices

The median sale price of single-family properties in Las Vegas in April was $469,000. This is a price increase of around 10% when looking at the year-over-year numbers for single-family homes in Las Vegas. 

The reason for an increase in Las Vegas Home Prices

There are a number of market factors in Las Vegas that contribute to property values, the largest is probably the demand outpacing the inventory. In other words, there continue to be more interested buyers looking for homes than homes available for sale to meet the needs of those buyers. Though mortgage prices have stayed higher than ideal and slowed the pace of home sales, inventory is still much lower than needed. 2023 was reported as the lowest year in Las Vegas for sales since 2008. This year is picking up. 

Las Vegas Sales Increase by the Numbers

Home sales in Las Vegas increased by over 19% for single-family properties and over 16% for condo and townhome properties. Almost 3,000 real estate properties sold in the city in April 2024, a combination of both single-family and multifamily properties. More multi-family homes were also listed for sale as compared to previous years. Almost 3,500 single-family homes were listed and almost 1,248 condos and townhomes were listed for sale. This is a 7% decrease in the number of single-family properties listed but a large 29.5% increase in condo and townhome listings compared to 2023 at this time. 

Navigating the Real Estate Market Right Now in Las Vegas

If you are hoping to purchase a home in Las Vegas, do not let the increase in prices and mortgage rates deter you from purchasing a home. Living in Las Vegas is still more affordable than many other locations around the globe. With the right financial outlook purchasing a home can be an attainable goal. You may be surprised to find what you can afford for a Las Vegas home purchase when discussing your options with real estate professionals and financial advisors. You want to make sure you can truly afford a home purchase without stretching your budget thin before making a purchase. After determining your affordable budget, a home is always a solid investment.

If you are considering listing your home for sale in Las Vegas, making sure you have an expert to help you prepare and market your home is the key to success, even in a seller's market where there are more buyers interested than homes for sale. it is a great time to list a home in Las Vegas. Don't wait until you have ideal buying conditions. Selling now could bring a higher profit to help you successfully purchase your next Las Vegas home. Talking about your goals and next options with a local agent can help you gain perspective on your home's potential and the possibility of purchasing your next dream home.

For more information on Las Vegas real estate, I am here to help. Whether you are looking at purchasing a home or selling your home for the best price possible. Contact me anytime with any Las Vegas real estate needs. 

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