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23
The Las Vegas Valley Real Estate Market is heating up
he Las Vegas Valley Real Estate Market is heating up, well ahead of projections (which were already positive for 2024). Pending sales rose over 44% from Dember to January and are up a staggering 14.6% year over year, all of this before the Fed has even met in March where many experts expect them to lower interest rates.
The median price (across all property types: Single Family/Townhome/Condo) in Las Vegas/Henderson is also up 5.7% year over year with an average sales price up 9%, all despite a slower than normal 2023 for total transactions. The continued rise in prices is largely due to low inventory as well as the still high number of both individuals and businesses moving to the Las Vegas Valley from other higher priced surrounding states. With interest rates likely headed down and no sign of any large jumps in inventory, these general trends are expected to continue in what is projected to be a good year in Real Estate in 2024.
For more information about how these trends could impact your decisions in buying, selling or investing contact me for any questions.
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