March 2017 – As the first quarter of 2017 comes to an end, the Las Vegas housing market has been experiencing a shortage of available real estate. With this short supply and demand on a continued rise, home prices have been appreciating steadily. Market conditions have proved challenging for first time home buyers and those on a tighter budget, with multiple offers competing for the available inventory. In addition, homes priced under $200,000 are in high demand, receiving the most activity and offers, making it especially competitive for those looking in that price range. The next price point in high demand is between $200-$300,000. Homes priced under $250,000 are experiencing much activity and multiple offers as well. The forecast for the remaining part of 2017 shows the market continuing to appreciate at a modest rate, especially if interest rates remain low, as they currently are.
Steve is the founder of Nicklin Property Management & Investments, Inc. His experience in property management and as a real estate broker exceeds 30 years.