What Is Our Real Estate Market Doing?

Here’s what happened in our Las Vegas housing market in February 2022.

Want to sell your home? Get a FREE home value report
Want to buy a home? Search all homes for sale

Everyone wants to know what’s going on in the market. Will it continue to be crazy, or are things starting to change? We don’t have a crystal ball, but we can tell you what happened in February.

The most interesting statistic is that sales were down 9%, but prices still went up. In previous months, the median single-family home price was $435,000, but now it’s $450,000. That’s almost a 27% year-over-year increase. The inventory keeps shrinking; we have less than three weeks worth of single-family homes. If no other home came on the market, we’d sell out in two to three weeks.

We’re seeing unprecedented times in our market.

On our listings, we’re seeing super competitive bidding. One home last month was listed at $318,000. We got $380,00 for it. Another property was listed for $699,000, and it sold for $750,000. There was even a condo that we put on the market at $215,000, and it ended up selling for $230,000.

We’re just seeing unprecedented times right now, even in the townhome market. Townhomes are up almost 33% year over year, at a median price of $261,000. A lot is happening in the townhome and condo markets as single-family homes become more expensive.

Most economists are projecting a very good market for both buyers and sellers. Interest rates are still relatively low because inflation is high. Elon Musk even put out a tweet telling people to buy something physical in inflationary times, which is pretty good advice from the richest man in the world.

A lot of people have questions about the market. If you’re renting, remember that you’re paying 100% interest; you’re not building any wealth. If you want to sell, you just have to talk to a professional and go over your options.

If you have any questions about buying, selling, or real estate in general, feel free to call us at (702) 343-6388 or send us an email. The market looks strong, so we’d love to help you buy or sell.

Post a Comment