It’s official! Las Vegas has once again proven to be a hotspot for real estate with home prices rising consistently. For those looking to dive into the property world in this sparkling city, understanding the recent market trends can be invaluable. Whether you’re looking to buy, sell, or are simply curious, we’re breaking down the latest numbers for you.
Comparing The Numbers
September 2023:
- Median Price of Units Sold: $450,000
- New Listings: 2,448
- Units Available: 4,066
- Sales within First 30 days: 68%
August 2023:
- Median Price of Units Sold: $447,435
- New Listings: 2,641
- Units Available: 3,881
- Sales within First 30 days: 69.8%
July 2023:
- Median Price of Units Sold: $450,000
- New Listings: 2,354
- Units Available: 3,524
- Sales within First 30 days: 68.7%
June 2023:
- Median Price of Units Sold: $440,990
- New Listings: 2,617
- Units Available: 3,680
- Sales within First 30 days: 65.5%
May 2023:
- Median Price of Units Sold: $442,120
- New Listings: 2,604
- Units Available: 3,645
- Sales within First 30 days: 60.6%
April 2023:
- Median Price of Units Sold: $430,000
- New Listings: 2,451
- Units Available: 3,737
- Sales within First 30 days: 53.6%
March 2023:
- Median Price of Units Sold: $425,000
- New Listings: 2,565
- Units Available: 4,196
- Sales within First 30 days: 49.6%
Analyzing The Trends:
- Median Price Stability: The ascending price trends over the past six months confirm the market’s vitality. For buyers, this signifies a stable and thriving market and can be confident in relying on the market Anaisis for a specific neighborhood to support a price that can appraise, while sellers can be optimistic about getting a good return.
- Supply and Demand: While new listings remained somewhat stable, the decreasing units available from March to September indicates homes are being snapped up in under 30 days. A promising sign for sellers! Disclaimer: It’s essential to note that every neighborhood and price point is unique. Different areas and property values may experience varying market dynamics, and properties might sell at different speeds. Always consult with a real estate professional who understands the nuances of your particular situation.
- Quick Sales: Homes selling within the first 30 days has seen a consistent uptick since March. A vivid indicator of the strong demand in the Las Vegas market despite interest rate fears. Ask your lender about loan programs that may fit you life plans like a buy down or an ARM.
What Does This Mean For You?
For Buyers: With the rising prices and homes selling quickly, it might be wise to act promptly. Locking in a property now could save you from facing even higher costs in the future. Worried about interest rates dropping? You can always re-finance after 12 months.
For Sellers: The numbers are in your favor! With increasing demand and swift sales, listing your property now could yield a lucrative deal.
In Conclusion:
The Las Vegas real estate market continues to shine, showcasing consistent growth over the past six months. With properties moving quickly and prices on an upward trajectory, it’s an exciting period for both buyers and sellers.
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For any advice or assistance, the team at Rossum Realty Unlimited is always at your service. Happy house hunting and selling!
-Love SusieHomemakerLV