Las Vegas Market Update June 2022

The Las Vegas area real estate market showed signs of cooling a bit. The median home price, having hit a market high of $390,000 in April, is now $380,000. The number of homes selling has been gradually decreasing since March, when MLS indicated that 6,879 homes sold during that month and 5,933 sold in June.

Obviously, the real estate market cannot continue the upward trajectory we’ve been seeing the past few years. There are several factors involved in the market correction we are seeing. Sellers are finally jumping on board and putting up their homes for sale. In April we had 10,841 homes listed in the MLS and in June, that number had jumped to 15,427. Our high home prices, while maybe good news for home sellers, block many home buyers from the market. And combined with increasing interest rates (which are still low) buyers have been hesitant entering a market driven by not enough inventory and keen competition for the homes that WERE available.  With this increase in inventory, we naturally expect prices to retract a bit buyers have more to choose from, and we seem to be transitioning from a seller’s market to a buyer’s market.

Although we are seeing what we predict will be a return to a more sustainable real estate market, it’s still a good time for both home sellers and home buyers. If you are thinking about buying or selling, contact Your Las Vegas Home Specialist Team and let us show you how we can help!