Las Vegas Monthly Market Update

January 2023 saw continued cooling of Las Vegas area residential real estate since it peaked in May 2022. The median sale price last month was $314,000, down from the $390,000 it peaked at in May 2022. 3,966 homes sold in January 2023 versus the peak we saw in March 2022 of 6,879.

The roller-coaster real estate ride of the previous two years appears to have slowed down to a much more market-friendly pace. A big issue we had been hearing quite a bit about the past couple years has been that home prices were rapidly rising out of reach for first-time home buyers, a vital driving force for the home market. With prices settling down, housing is once again becoming more affordable, which will help keep the market more stable.

The seller’s market that we've become accustomed to these past few years is shifting towards more of a more balanced market.To learn more or if you are thinking about selling your home, give us a call and let us show you how Your Las Vegas Home Specialist Team can help!