Las Vegas Real Estate Market Update For October

The Las Vegas real estate market appears to be in the seasonal cooldown stage though still shows plenty of activity. The number of sales per month have been decreasing slightly since late summer, as has the number of new listings offered on the market. The average price has bumped up the last two months, at just over $379,000 which is up about $8000 from September and more than $13,000 over August. slipped a bit over $1500 from the market high of June and overall, the months of inventory has remained at around 2 months, which it’s been for the past several months.

As great as this market is for sellers due to high demand and low inventory and for buyers with historically low mortgage rates, we are seeing a dramatic shortage of homes in the $275K level, which is the most common price point for first time home buyers. There are still good deals for buyers in this price range, but they can be more challenging to find.