Another month. Another record. Despite a pandemic and struggling economy, the Las Vegas housing market continues to rise and remain in demand. November 2020 saw yet another record in the median price of a single family home – $345,000 according to the local Las Vegas Realtors Association.
As in previous months, inventory remained low with under 4000 available homes for sale on the local MLS. This, coupled with interest rates remaining low, has continued to fuel demand. Homes under $350,000 are selling quickly and condominiums are also a popular option, being priced lower than single family homes. However, even condominiums are a far cry from the price point of a few years ago.
As we turn the corner into 2021, we will have to wait and see how inventory will play a role in the current upward trend of the market. Will homeowners look to sell? And how will the newly implemented eviction moratorium, which is in effect through May 2021, affect the market?
Those are questions that only time will answer. In the meantime, homeowners and landlords are excited to see significant appreciation with their properties.