Las Vegas Real Estate Market Update; May 2021

May in Las Vegas real estate was a bit less frantic than it’s been in months past, which is coming as a relief to many buyers. The number of homes that sold dropped from 7,096 in April to 6,287 in May, while the average sale price dropped slightly from $374,221 to $373,390 over the same time frame. The number of active listings has remained virtually unchanged, 10,008 in April and 9,943 in May. This number can be deceiving though, as many homes are sold before even being put on the market.

According to National Association of Realtors chief economist Lawrence Yun, relief is coming as more owners decide to put their homes on the market. A recent survey in Homes Illustrated indicated that about 10% of home owners plan on selling their homes within the next year and over 25% have plans to do so in the next three years. Although sellers have been firmly in control of the market for awhile now, a major reason that many who WANT to sell aren’t is that they are wary of being able to find a home to purchase after they sell.

It's a crazy market for sure, but both buyers AND sellers can profit. If you are thinking of buying or selling, contact us and let us show how we can help get YOUR best deal!