Las Vegas Housing Prices Rise But Condos And Townhomes Rising More
Las Vegas housing prices are on the rise, along with interest rates. Which doesn’t help potential buyers.
Vegas Housing Prices Go Up. Condos And Townhomes Prices Also Rise!
Las Vegas Realtors figure released this week have the average price of an existing single-family home in Las Vegas. For the month of October, it was $449,000. That’s up about two percent from last year at the same time.
Figures also showed that the price of condos and townhomes in Vegas have gone up even more. About three and a half percent. Perhaps because condos and townhomes are a little more affordable to begin with? Maybe more demand.
Rising Interest Rates Aren’t Helping Anyone
Rising interest rates continue to affect home sales in the Las Vegas market, as well. Because of those higher interest rates, buying and selling trends have been affected negatively.
LasVegasRealtors.com states that as of right now there are 4,066 single-family homes listed for sale without any offer, which is down significantly from the same time last year. There are 1,035 condos and townhomes listed without offers. Down from last year, as well.
The site reports that the sales pace in October was about a two-month supply of properties for sale. Last year at this time, according to the report, the Las Vegas area had more than a four-month housing supply.
The Hot Las Vegas Housing Market Is Cooling – At Least For Now
Norada Real Estate Investments says that the Vegas housing market is cooling down. But we’ve seen that before. The big question is, will housing prices in the 702 be dropping again anytime soon? And will interest prices dip, in order to help home buyers?
Norada does list, and break down, some great reasons to invest in real estate in Las Vegas: The economy, strong growth, reasonable property taxes.
Bottom line? Las Vegas is still a great city to buy in, and live in. As Californians have found out, and indicated, over the years.