A Year in Review for the Las Vegas Market

Today we’re going to be discussing what we saw from the Las Vegas real estate market in 2018. Overall, the market was very positive. We had very low inventory, which resulted in a frenzy in the market. We saw multiple offers, quick sales, and more. Although this market was great for sellers, it did cause a bit of an imbalance.

Since then, inventory has risen. We had a low of about 6,000 properties for sale in the summer, but that inventory rose to 10,000 in October. In December, we saw it drop again to around 9,000 homes for sale. This is still a good market, just not as good for sellers as it was last summer.

Another positive sign we saw was home appreciation. The average home price was around $278,000 in January 2018, and rose to $314,000 by the end of 2018. In comparison, the average price in January 2017 was around $245,000. So in just under two years, our average sale price went up by over $69,000.

What should you expect in 2019? I’ll be covering that in my next blog. Stay tuned, because I’ll also share some of the latest Las Vegas numbers with you.

If you have any questions for us or you’re looking to buy or sell a home any time in the near future, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.