Las Vegas Homes For Sale - Disaster!

Las Vegas Homes For Sale - Disaster! We are now entering the Spring buying season and there are now just under 5,000 Las Vegas homes for sale. Although inventory is slightly down this year, we are still up well over 100% from this time last year. The real estate market is just an overall disaster as many sellers are hesitant to sell into higher interest rates while buyers are struggling to qualify at such high rates. The average price of the thousands of Las Vegas homes for sale now stands at $425,000. This is down 12% from the peak prices of last year. The looming disaster to the economy and housing market is the debt ceiling. If the US defaults on it's debt or gets close, this could cause an economic recession. This could cause the current amount of Las Vegas homes for sale to increase while pushing prices lower. Mortgage rates remain high which has pushed overall home prices down nationwide for the first time in over a decade. As a buyer, I would continue to be patient before potentially buying any of the Las Vegas homes for sale. As interest rates and mortgage rates remain high and likely increase, home prices, especially Las Vegas homes for sale, could further recede, albeit more slowly over the course of 2023 and 2024. Many forecasts predict homes prices to further decline this year so being patient is a wise option, particularly if you're thinking of buying one of the many Las Vegas homes for sale.

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Jerry Abbott
NV License # S.0183274
Summit Properties
📲 Text: 702-550-9658
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