Las Vegas Housing Market 2022: Prices, Trends & Forecast
The Las Vegas housing market saw insane prices throughout 2020 and 2021. However, 2022 has shown a drastic change in the market. Check out the Las Vegas housing market prices, trends, and forecasts to determine whether to buy or sell.
Las Vegas Housing Market Prices
Las Vegas housing market prices have only slightly increased in the past year. The median housing price in all categories is $405,625, according to Redfin. This is a price increase of 9.6% year over year.
Single family homes have a median price of $440,000, which is up 8.6% year over year.
Townhouses saw a slightly lesser price decrease of 6.9% year over year. The median price for townhouses on the Las Vegas housing market is $304,750.
Condos and co-ops are the cheapest housing category, with a median price of $233,000. However, that is still an increase of approximately 12% year over year.
Home prices are considerably higher than a year ago, but they consistently decreased for four months throughout 2022. September brought more decreases in prices. It’s a great sign that this overheated market is finally slowing down.
Las Vegas Housing Market Trends
The total number of homes sold on the Las Vegas housing market is down 41.9% year over year, and homes spend a longer time on the market. On average, homes spend approximately 46 days on the market, up 24 days compared to last year.
Single family homes remain the most popular housing type in the Las Vegas housing market. Of a little over 1,000 homes sold, approximately 824 homes fell into this category. However, sales are still seeing a drastic decrease. Single family home sales decreased a little over 40% year over year. They spend an average of 47 days on the market, an increase of 25 days compared to a year ago.
The sale of townhouses has also seen a steep decline. Of the homes sold, about 88 fell into this category. The sale of townhouses is down 47.9% year over year. They spend an average of 42 days on the market, an increase of 18 days yearly.
Housing in the category of condos and co-ops also saw decreased sales. About 161 of the homes sold fell into this category, a decrease of almost 45%. These houses are spending 46 median days on the market, up 22 days compared to last year.
The Las Vegas housing market is considered somewhat competitive. Only 16.7% of homes sold are sold above the list price, while almost 48% of homes sold have price drops. This tells us that homeowners are having a hard time selling their houses for top dollar on the Las Vegas housing market.
In the entire area of Southern Nevada, there is a four month supply of housing, according to this article. One year ago, the housing supply was slightly over one month.
Housing markets that have a six month supply are considered healthy markets. In healthy markets, price increases are slow, and houses sell within a couple of months. Both buyers and sellers can negotiate.
Although the supply of housing is more significant than it was last year, there are still fewer units available than this time last year. That simply means the demand is lower, which is another sign that the market may finally stabilize.
This could be due to so many people moving during the pandemic. Now that the country is returning to normal, mass migration is starting to slow down across the country.
Another reason may be the economic situation that many American families are facing. Inflation has continued to squeeze American bank accounts throughout the year, and is expected to continue. This makes many people weary of making significant life changes like purchasing a house. If you’re struggling to sell your house, give us a call. We buy homes in the Las Vegas area!
Las Vegas Housing Market Forecast
The Las Vegas housing market is not considered a healthy housing market yet, but it is working towards it. The prices will continue to increase as houses appreciate slowly, but buyers won’t see the same drastic increases they did for two years.
The market will continue to work towards becoming a balanced market, making it an excellent time for buyers, sellers, and investors.
Buyers will enjoy being able to talk down prices. The increasing housing supply will give buyers more time to shop around.
Sellers will not be able to sell their houses for top dollar anymore on the Las Vegas housing market. They will also notice that houses continue to sit on the market longer. However, they will still make money on long-term investments due to properties appreciating value. A cash buyer is a great idea if you’re in a hurry to sell your home. Check out this page to find a cash buyer in your area!
In Conclusion
The Las Vegas housing market is one of the most stable markets in the nation at the time. It’s no longer overheating, and the sizzling prices are finally coming back down. Sellers that still want to make the most they can off of their properties need to sell fast because prices will continue to come back down.
Buyers can enjoy holding more cards at the negotiating table now, making it a great time to buy. However, if they wait, they might be able to score a house a bit cheaper.
Investors that are interested in long term investments will appreciate the Las Vegas housing market. However, those interested in flipping houses for a large, short term profit should check out other housing markets.
For more real estate news, check out the Fort Worth housing market or Denver housing market.
