The Las Vegas real estate market continued to see appreciation and demand as prices hit a new record high – a median sales price of $355,000 in the month of February 2021. As in previous months, low inventory and interest rates contributed to the rise in real estate values.
Is inventory expected to rise anytime soon? That’s difficult to tell. For month’s, it was expected that inventory would eventually rise, potentially curbing the drastic increase in real estate values. However, as spring approaches, the Las Vegas housing market continues to have a record low of available homes for sale. Especially is that true of properties under $300,000.
A quick search of local Multiple Listing Service here in Las Vegas reveals only about 1000 currently available homes up to $300,000! That includes condo’s and town homes. If you remove those and only look at single family homes, you end up at 382 homes throughout the entire Las Vegas valley, which includes North Las Vegas, Henderson and Boulder City! It is very apparent that inventory remains low, leading to bidding wars in that price range.
In total, the Las Vegas, Henderson, North Las Vegas & Boulder City housing market has less than 2000 single family homes in all price ranges. Total inventory including condo’s and town homes is 2687. As long as inventory and interest rates remain this low, coupled with current demand, we can expect prices to increase at a modest rate, which is what most expect throughout 2021.
If your looking for an experienced Realtor to help you navigate the real estate market, contact our Investor Team Sales Division at 702-755-5131.