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Home » Las Vegas housing market moves from sizzle to simmer

Las Vegas housing market moves from sizzle to simmer

by Jeff Gillan

LAS VEGAS (KSNV) — The median price of a Las Vegas resale sits at $406,500 for September.

It’s another record, but not by much. It’s $1,500 more than August, which was $405,000, and was also the record set in July. The September number represents a .4% increase from August and a 20.5% hike from September 2020.

“We always go into our slowdown once we get into the fourth quarter: October, November, December. You see fewer properties coming onto the market,” says Aldo Martinez, the President of Las Vegas Realtors, the trade group that tracks resales. He tells me the market remains healthy, but prices are taking a bit of a breather.

A median price of $406,500 is nothing to sneeze at, but a $1,500 monthly increase is a blip compared to what 2021 has seen: increases of $10,000 in February, $8,000 in March, $12,000 in April, $10,000 in May, $10,000 in June and $10,000 in July.

So, the market is pumping the brakes, not only on prices but on sales.

In September, 3,209 single-family resales were sold. In August, it was 3,210, a one-house difference.

And the frenzy is also less-frenzied, says real estate agent Evan Bellman.

“Instead of seeing five all-cash offers with a 14-day close or something in that realm, you’re seeing a couple – a handful,” says Bellman.

“You’re gonna see some sellers panicking a bit,” says Martinez, about sellers, worried their homes didn’t sell in a week. But they are selling: in September, 84% of homes sold in a month or less.

So, it’s still a busy market: luxury sales continue to boom – those are the homes a million and above. And properties at lower price points in good condition are going fast.

With homes appreciating, condos are popular and now, for many, the affordable option.

The median condo sold for $230,000, flat from August but up 18% from a year ago.

So breather, it is.

Martinez says after the holidays, buckle up.

“Get ready for the prices to start hopping again in February and March,” he says.

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