Las Vegas Market Update March 2022

Las Vegas area real estate may be showing some early signs of normalizing. When we look at the number of new listings added last month versus a year ago, we’ve seen an increase of 371 homes put on the market. The 6,742  new listings from February 2022 is still a far cry from the 7,083 we saw in February 2020, shortly before the pandemic, but to put it in perspective; two years ago, 5,476 homes sold that February, versus the 5,414 that sold last month!

Average home prices have dropped slightly from the high of $395,111 in December to $380,416 in February 2022 but inventory remains incredibly tight; just about two months’ worth according to the MLS. Before the pandemic, we were seeing three to four months’ of inventory on the market. It’s consistently been two months or less since September 2020. Real estate experts are predicting that increasing interest rates and prices may put a chill on the market as buyers get priced out of home purchasing, but the Las Vegas area is seeing a marked influx of buyers from California who have cash in hand from the sale of their homes in that state’s inflated market. These buyers may very well keep our residential real estate market trending upwards despite increases in mortgage rates and prices.