What Will Las Vegas’ Market Look Like In 2022?
Here’s what you need to know about Las Vegas’ market for 2022.
What happened in Las Vegas’ real estate market at the end of 2021, and what does 2022 look like? Let’s talk about it.
In December of 2021, the average single-family home in our area increased in value from $420,000 to $425,000. We had a year-over-year price increase of 23%. Meanwhile, pending sales were up 3.8%.
Interest rates may rise slightly, but they will still be historically low.
This all means our market is still hot, and a big reason why could be our low inventory. Inventory was down to 0.8 months in December, which means that if no new homes entered the market, all our supply would be gone in a little less than a month. Because of this, people are moving into the condo and townhouse market.
So what does this mean for 2022? Economists are predicting another great year; however, things probably won’t be as crazy as 2021. This is because the fundamental issues driving our market, such as low interest rates and low inventory, aren’t going anywhere. Interest rates may rise slightly, but they will still be historically low.
If you have any questions or want to know what your options are, please reach out to us at 702-343-6388 or [email protected]. We look forward to hearing from you!