January 2022 Las Vegas Market Update

There is no question that Las Vegas area residential real estate is HOT HOT HOT. According to this article on news station KTNV's website, the median price for homes sold through the MLS was $435,000 in January, a whopping 261.% increase from January 2021.

Tight inventory continues to be a major, if not the main driving force in not only the Las Vegas area market but most real estate markets across the nation. We've seen a slight drop in the number of sales from December to January as well as an increase in inventory, but this is a predictable fluctuation we see this time of year and not necessarily a sign that buyers might see relief in the form of more homes to choose from and less competition. 

There IS a factor though that might have a bit of a chilling effect on the market, and that is increasing interest rates. Although mortgage rates are still attractive, they are going up at a rather rapid rate. Such increases actually reduce the amount of home a borrower can afford. We discussed this in a recent video that you can watch her.