The Las Vegas housing market looks like it’s still hot but a bit cooler, with more houses for sale and prices continuing to plateau. It’s still a seller’s market, though, just not as much so as the previous year.
That portends well for the health of the Clark County housing market as it seems to be gliding toward a soft landing that will eventually return to a more normal environment—just at a higher price point. That could mean:
- If you’re planning on selling, you still can get a very healthy gain but the increases are tapering and it won’t be as quick and frenzied as recently.
- If you’re thinking of buying, you won’t get the gains that current sellers enjoy but you shouldn’t lose, either.
- If you’re holding off on selling because you expect prices to continue the recent spikes, you’re likely to be disappointed (although not hurt).
- If you’re waiting for a 2007-type housing crash to buy a house, you are likely to be disappointed … and lose out.
According to the most recent Housing Market report for Julie Cimorelli, at Fidelity National Title, the median Las Vegas list price is $514,900, while the number of houses for sale climbed to 2,463. The asking price per square foot is $237, while median rent is $2,354. About a third of the listed houses saw a price decrease, while 9% increased – a good sign of a cooling market.
Among the higher quarter of the market, the median price for Las Vegas real estate was nearly $1.2 million with 4,000-plus square feet on a quarter to a half acre.
The next quarter had a median price of $615,000, 2,651 square feet and a lot size ranging from 6,500 – 8,000.
The bottom half of the market experienced a $440,000 median price with 2,003 square feet and a smaller lot size of 4,500 – 6,500, while the least expensive quarter was $339,700 for 1,464 and still about a 4,500—6,500 square foot lot.