Happy New Year!!
Our Vegas real estate market is already off to an unpredictable start!
Wildfires and Potential Impact on Vegas
The ongoing wildfires are a reminder of how quickly life can change. Losing everything forces us to reassess what’s truly important, including where we live and how we rebuild.
My aunt and cousin, both lost their homes this week, and are now considering relocating to Vegas. While their situation is just one example, it reflects the difficult decisions many families are facing. With the fires still raging, I can only imagine how many families are having similar conversations and contemplating moving here.
Inventory Trends
Last year began with historically low inventory, and while it’s still tight, we’ve seen a 40% increase compared to January 2024. This gives buyers more options, but demand remains strong for well-priced homes in updated, move-in-ready condition.
Home Prices and Sales
Home prices have risen a little over 6% this past year, demonstrating the market’s resilience despite uncertainty. Sales activity has held steady, though properties are now taking slightly longer to sell, averaging 30 days on the market in December.
Uncertainty Then and Now
Last year, much of the uncertainty centered around who the new administration would be, and this year, questions remain about how economic policies and shifts might shape the housing market. Buyers and sellers are keeping a close watch as they make decisions.
Interest Rates Outlook
Interest rates are predicted to remain in the 6% range this year. While this is higher than the historic lows of a few years ago, it’s still manageable for many buyers and could encourage sellers to negotiate.
What’s Next?
The year is starting off with plenty of movement and change. Whether you’re buying, selling, or just watching the market, staying informed is important.
TOTAL PROPERTIES AVAILABLE
- Single-family: 4,991
- Condo/ Townhomes: 1,792
- High Rise Units: 418
- Multi-Family, 2-4 Units: 68
- Manufactured Homes: 98
TOTAL PROPERTIES IN ESCROW
- Single-family: 1,692
- Condo/ Townhomes: 476
- High Rise Units: 63
- Multi-Family: 2-4 Units: 18
- Manufactured Homes: 25
PROPERTIES SOLD IN DECEMBER
- Single-family: 1,724
- Condo/ Townhomes: 451
- High Rise Units: 55
- Multi-Family, 2-4 Units: 20
- Manufactured Homes: 22
MEDIAN SALES PRICE FOR DECEMBER
- Single-family: $480,000
- Condo/ Townhomes: $290,000
- High Rise Units: $420,000
- Multi-Family, 2-4 Units: $577,500
- Manufactured Homes: $255,000
MEDIAN SOLD DOLLAR PER SQFT FOR DECEMBER
- Single-family: $261 per sqft
- Condo/ Townhomes: $243 per sqft
- High Rise Units: $426 per sqft
- Multi-Family, 2-4 Units: $202 per sqft
- Manufactured Homes: $173 per sqft
