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Single Family Prices
- New Listings: 3,913
- Pending Sales: 3,950
- Closed Sales: 3,430
- Days on Market Until Sale: 38 (May) and 45 Year to Date
- Median Sales Price: May $250,000
- Average Sales Price 2017: $285,478
- Percent of List Price Received: 98.8%
- Total Inventory of Homes for Sale: 5,588
- Months of Supply: 2
Las Vegas just hit a median sales price of $250,000 and sellers are getting 98.8% of their list price on Average.
Median Sales Prices in Las Vegas 2017 – Rolling 12 month
Las Vegas Housing Market Continues to See Low Inventory
Here’s a look at the Las Vegas Real Estate Market for June, 2017. According to a report released on June 6th by the Greater Las Vegas Association of REALTORS® (GLVAR), property prices continue to increase as Las Vegas moves into a real house shortage.
From May of last year to May of this year, the price of a single-family house in Las Vegas went up by 12.2 percent.
May saw a total of 4,297 condominiums, townhomes, and single family homes sell. The median price range of houses that sold in Las Vegas during the month of May was $250,000. This amount shows an increase of 13.3 percent from last May and a 3.3 percent increase from April’s median price range of $249,000. At the end of the month, there were 4,972 single-family homes on the market without an offer. Read More Here!
The Southern Nevada’s real estate sector is now an industry plagued by a crisis as a low home supply and high home prices continue to rock the market.Click on the price or feature of the Real Estate You would like to see. You'll be taken to a page of MLS listings just as you requested. When you see something you like, Call 1-800-805-8354.
David J. Tina, the president of the Greater Las Vegas Association of Realtors, notes that although Las Vegas has been experiencing a tight housing supply in the last couple of years, it has now come to a point where it is fair to call it a housing shortage.
Observers from the National Association of Realtors® have of late been saying that low housing supply and high prices have become major concerns across the United States. However, David J. Tina notes that although most metro areas are experiencing a low housing supply, the problem has mostly been felt in Las Vegas where population and housing demand are growing faster than most places. Surprisingly, the falling supply has been accompanied by rising demand. The high demand is evidenced by the growth in the number of home sold this year. In May, a total of 4,297 homes sold.
The Greater Las Vegas Association of Realtors’ report indicates that local home sales in this year are outpacing last year, and that has been the trend since 2014. In a nutshell, it is apparent that the problem of inadequate housing supply is further being aggravated by the rising demand.
The rise in housing demand can be attributed to a number of factors. The first cause has to do with population growth. The population of southern Nevada has been increasing steadily in the recent past. Las Vegas has a population of 2.2 million people and this is certainly putting pressure the limited inventories. Second, although the economic growth of Las Vegas has been slow, the growth has been sure and steady. As a result, the job market has experienced significant improvement adding to the number of people that can afford to own a home. Third, the mortgage rates dropped significantly this year and home buyers have been trying to take advantage of the lower mortgage rates to buy homes even at higher prices.
Experts have identified a number of factors that could be pushing down the supply of housing. Some commentators argue that the inadequate supply could be coming from the demand side of the market. According to Cheryl Young, a senior economist at Trulia Listing Service, The nationwide housing shortage is coming from the excess demand that is driving prices high. As a result of the higher prices, homeowners are unwilling to sell their old homes due to fears of difficulties in finding new affordable homes. Consequently, potential home sellers are being locked into their old homes.
Other experts attribute the low inventories to the soaring number of underwater mortgage borrowers. An underwater mortgage is a home purchase loan characterized by higher balance than the fair market value of a home. The impact of more people buying homes using underwater mortgage is that it reduces the homeowners’ appetite to sell because they must pay the loss from their pockets. In a nutshell, underwater borrowing is discouraging homeowners from selling their properties and this has affected the inventories negatively.
In the last couple of years, the Las Vegas real estate industry has also been experiencing an unprecedented rise in home prices. That trend is continuing and this year.
According to a report by the Greater Las Vegas Association of Realtors, this was a 3.3 percent higher compared to the median price of April. From May of last year to May of this year, the price of a single-family house in Las Vegas went up by 13.3 percent.
From the foregoing, it is apparent that the rising home prices can be attributed to a multiplicity of factors. Inadequate supply means more aggressive competition among willing buyers leading to higher prices. High levels of home demand give buyers a stronger bargaining power than sellers. To this end, it can be concluded that the skyrocketing prices of homes in Las Vegas are a result high demand and an acute shortage.
The limited inventories, high demand, and skyrocketing prices have had several impacts on the players in the Las Vegas Real Estate Market. High demand and high prices are good for the sellers. Sellers have a stronger bargaining power and they are easily fetching higher prices and making higher profits from house sales. However, the rising prices are also having a negative impact on supply as noted earlier. Buyers who wish to sell their old homes and acquire new ones are now more reluctant to sell and that is leading to low lower inventories. For real estate agents and listing services providers, decreasing supply mean shrinking trading opportunities and therefore, low supply is bad for their businesses.
In a nutshell, these are good times for home sellers because they can make more money from higher prices. However, real estate agents are experiencing a dry spell due to inadequate supply and the slowing level of business in the Las Vegas’ real estate industry. As it stands, things are even toughest for buyers because getting a home to purchase has become more difficult, and even after getting one, a buyer has to compete with other potential buyers and pay a higher price to beat competitors.
In conclusion, it is apparent that although there is a housing shortage in most metro areas throughout the United States, the problem is dire in Sothern Nevada particularly in Las Vegas metro area owing to the growing population, stable economic growth, and lower mortgage rates among other factors leading to excess demand. The rising demand and the shrinking supply keeps pumping the prices higher, and in the last 12 months, the prices have gone up by more than 12 percent.
Market Reports from 2017
|January 2017||February 2017||March 2017|
|April 2017||May 2017||June 2017|
Market Reports from 2016
|March 2016||April 2016||May 2016|
|June 2016||July 2016||August 2016|
|September 2016||October 2016||November 2016|
Year-to-Year Comparison of Property Types & Prices
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