Las Vegas housing inventory is at historic lows and we are in what’s considered a heavy seller’s market. Currently the median list price in Nevada is $479,000 for a single-family home and inventory is just under 1,600 homes for sale. To put that into context this is about a two-week supply of homes. A 4 to 6 month supply of homes is what we would consider a balanced market.
So a question I get asked a lot is, “Wasim, is now a good time to buy a house in Las Vegas? Or should I wait for the market to crash or correct?” Now though, I don’t know and I don’t think anyone knows for certain. My personal opinion is the market is not likely going to crash or correct for the foreseeable future.
At most I think we’ll see prices level off or begin to stabilize. With inventory being so low, due to increased costs of construction and supply shortages due to covid. It’s likely to take a year or two of building new homes before we see a more balanced supply of homes available for purchase.
Now let me ask, are homes really overpriced? Las Vegas is still fairly affordable compared to other major cities in the country. We have one of the fastest growing populations in the country and we are just now returning to 2007 – 2008 prices. That was 13 years ago. I would expect any housing market to increase in 13 years. With interest rates, still at historic lows, a city that continues to grow in population and new businesses coming into town. I still believe it’s a good time to buy real estate in Las Vegas.
My favorite real estate quote is, “Don’t wait to buy real estate buy real estate and wait.” I think this quote is a great mindset to have when it comes to buying real estate.
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