What Does January’s Market Say About Our Future?

Running down the latest numbers from the Las Vegas real estate market.

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What our market looks like right now will have a big impact on the spring rush. Trends that we begin to see today could become the new normal in a month or two. That’s why today, I want to take a look at January’s market numbers. 

First, closed sales for single-family homes were down by 3.5%. Meanwhile, townhome sales increased by 12%. As prices get higher, it seems like buyers are shifting their focus towards less expensive homes. This makes sense since the median home value in Las Vegas increased again to $435,000. 

Most experts agree that prices will increase by double digits in 2022.

Another trend in our market is that inventory continues to decrease. We currently have a little less than three weeks of supply. For reference, a balanced market is considered to have six months’ worth of supply.

Don’t let the lack of supply discourage you from buying; interest rates are still historically low, especially considering inflation. On top of that, most experts agree that prices will continue to rise in 2022. While we may not see the crazy growth we saw last year, Las Vegas homes are still expected to increase in value by double digits. I recommend you buy sooner rather than later so that you can take advantage of this appreciation.

Does our low inventory mean that sellers can just throw their homes on the market and expect to get a good deal? Not quite. Our high demand makes navigating this market difficult without an expert, so make sure you work with a great agent if you want the best deal possible.

If you are looking to buy or sell a home or have any questions, please call or email my team. We’d love to help!

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