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Home » Las Vegas Real Estate Market Trends in May

Las Vegas Real Estate Market Trends in May

Looking to buy or sell soon?

Knowing what’s going on in the market right now will help you. If it’s a buyer’s market, then someone looking to buy a home will have an easier time finding an affordable home. A buyer’s market occurs when there are a lot of homes available for sale. During the winter months, it tends to be a seller’s market. 

If it’s a seller’s market, then the seller will have an easier time getting a great price for his/her house. This happens when there are fewer homes available for sale, so it’s harder for buyers to buy homes. Depending on how severe the shortage of homes is, this could lead to bidding wars. The summer months are normally the best for buyers. 

The chart above shows how Las Vegas’s median price has grown since July 2017. On July 5, 2017, the median price for a 3 bedroom house was $255,000. Today the median price for a 3 bedroom home is $290,000. Within the span of less than a year, the median house price increased by 12%.  

 

The blue line is the ratio of active listings to houses that are under contract or pending. This week, it would take about 26.3 days for everything to sellThe lower the number, the more Las Vegas is a seller’s market.   

The red line shows the number of active listings available. In the chart above, you can see that the number of active listings has decreased since July 2017.

The orange line shows the number of listings that are under contract or pending. While the amount of homes available has decreased, the number of homes under contract or pending a contract has increased.

This means that people selling their homes have more of an advantage since the number of homes available for sale is less than almost a year ago.

Being able to tell how the market is doing is the first step. The next step is buying a home that you can afford and checks off your must-haves if you’re a buyer. If you’re selling your house, you should look into remodeling projects that will help increase the value of your house.

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