The Las Vegas Market is still doing well. Since 2012, the housing market in Las Vegas has been climbing up. This year is no exception. When comparing last month to June 2017, the median price increased by 13%. Of course, the difference is easier to spot when comparing years versus comparing weeks. From last week to this week, there hasn’t been much of a change in terms of the median housing price. Similarly, there hasn’t been a significant change in housing inventory.
Median Housing Price in the Las Vegas Valley
Currently, the median price for houses under contract is $295,000. Last week, the median price was $294,900. The increase is only an extra $100. Even so, the median price is still following an upward climb, and it shows that the Las Vegas real estate market has recovered from its dip in June.
Market Inventory in the Las Vegas Valley
Nothing has really changed for housing inventory from last week. The housing market still isn’t balanced and leans heavily toward not enough supply. Furthermore, there are more active listings than housing with contingent/pending offers. Right now, there are 4,632 active listings and 4,110 contingent/pending offers. Last week, there were 4,534 active listings and 4,160 contingent/pending offers. Although both active listings and contingent/pending offers have increased, the difference is very small.
The Las Vegas housing market continues to chug upward despite a dip in June. Comparing this week to last week, little has changed. On a whole, Las Vegas is experiencing a rising median price, an unbalanced housing supply, and a little more active listings than contingent/pending offers.