Shift in the Las Vegas Housing Market

The Las Vegas housing market has shifted. As of June 20, 2022, we shifted from a Seller’s market to a Neutral market after reaching the threshold of 2 months of inventory for single-family homes. The national housing market sets a Seller’s market as 3-6 months. Historically, Las Vegas has shown:

• 0-2 months: Seller’s market
• 2-4 months: Neutral market
• 4+ months: Buyer’s market

Let’s put today’s market in perspective. Back in June 2019, inventory was at 2.7 months with 8,000 homes available. Today, we sit at 2.1 months and 5,000 available homes. We are closely watching the rising trend of increasing inventory where in March, we were at two weeks and today (June 21, 2022) we’re at 9 weeks. Surprisingly with this increased inventory, median home price has not gone down. We’re at a new record of $488,000 for a single-family home.

Affordability is the trigger for today’s market with higher interest rates and the median sales price being up by 14% year-to-date, the average buyer simply cannot afford today’s mortgages with current interest rates and prices. If buyer demand continues to decrease, while inventory continues to rise, we could very well see the median sales price decrease later this year.

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Every Monday, we post the current median sales price for single-family homes in the Las Vegas Valley on our social media accounts. Follow us on Facebook and Instagram to receive these updates.