The Las Vegas real estate market is on fire. There is no doubt about it! A shortage of inventory continues to drive prices up as home buyers wish to take advantage of low interest rates. As a result, March 2021 was another record setter.
Average price of a single family home sold: $363,000 (according to Las Vegas Realtors)
Average price of a condo / town home sold: $194,000 (according to Las Vegas Realtors)
Single family homes are up nearly 14% from last March (2020).
As of right now, appreciation in the market appears to be a sign of things to come. While home builders are adding inventory, it is limited compared to buyer demand and a lack of new resale inventory is keeping supply short. Additionally, as Nevada plans to end COVID restrictions beginning June 1, we expect there to be a strong economic reaction as tourism is expected to increase and further reduce unemployment.
The Las Vegas real estate industry appears to be poised for growth and appreciation over the coming months.