There’s a trend right now in housing sales, and it’s true for the Las Vegas housing market. According to Forbes, major markets such as Seattle, Denver, Phoenix and Las Vegas have experienced major housing activity from 2021 until mid-2022, and that activity has been slowing down.
But, even with the slowing of the market, home prices are still historically when you compare prices to what they were before the pandemic hit in 2020. Forbes adds that, “The Las Vegas housing market is also ways interesting and was one of the biggest victims of the late-2000s housing bubble and crash.”
Las Vegas Housing
Forbes analyzed information from Redfin to look more closely at home costs in Sin City. Analyzing the information from Redfin, in Las Vegas proper, home prices peaked in June 2022. At that point, Las Vegas’s median sale price hit an all-time high of $434,000. Prices have been going down since then, and according to the data for March 2023, Las Vegas’ median sale price is $395,000. so quite a bit lower.
But, even though the median sale price in Las Vegas is down, home prices in Las Vegas are high. For example, in March 2019, the median sale price in Las Vegas was $275,000. That’s more than $100,000 less than it is today. Of course, part of the higher costs is due to demand. The number of homes available today is lower than is was during pre-pandemic days. What’s interesting is that Forbes notes that Las Vegas homes remain on the market longer today, too. Perhaps that has to do with the high housing prices. Find more information via Forbes here.