With some uncertainty about how 2020 would turn out for the Las Vegas valley housing market, it seems more likely that the market should remain stable, with modest appreciation.
As a matter of fact, according to the Las Vegas Realtors Association, the median sales price of a Las Vegas valley home reached $316,000 last month. This surpassed the previous peak of $315,000 reached prior to the recession over a decade ago!
This is an increase from just over 3 months ago, in December 2019, when the average sales price of a home was just under $313,000 (according to GLVAR).
Of course, inventory is still tight for those looking to buy a property. However, with the fed further reducing mortgage rates recently, buyers are anxious to purchase a property as this affords them an opportunity to have more buying power even though prices have increased. Some are looking into condos and town homes, since those are priced below single family homes and with a lower interest rate, a very reasonable monthly payment.
Investors have also been taking advantage of the lower interest rate for their investment purchase. Rental rates are up, appreciating and the time on the market is low – most properties leasing in under 30 days. For many investors who purchased years earlier, the current market is what they have been hoping and waiting for. And of course, many are hoping for continued appreciation and in the future, more equity.