Today, I’m going to give you a quick market update that not only goes over the real estate stats in Las Vegas but also talks about rentals, market trends, and how affordability affects our market today.

Diving right in, we had 1.1 months of inventory on the market as of October 2021. There were roughly 3,287 new homes on the market for single-family units and 583 condos and townhomes, about .7 months of inventory. 

The biggest change in our inventory this year compared to other years is that when we hit September, typically, our listings increase and our prices decrease but what we’ve seen the last two years is that prices continue to increase and inventory is staying relatively the same. 

Our median price in Vegas is $435,000 for a single-family home new listings and $245,000 for condos and townhomes. 

That median price is up 24% from last year while the 1.1 months of inventory is down 23.5%. 

(But don’t worry! This isn’t keeping us from selling your home or finding you the perfect dream home.)

Affordability does seem to be an issue for some people, but Las Vegas does have some affordable housing complexes coming—requirements are needed, like certain income limits, so if you’d like more information on it, please reach out to one of our agents. But rising FHA loan limits will match these record home appreciation. 

Other than affordability for new homeowners, we also have one of the largest rental increases in the nation. We’re seeing that 2022 may become an investor’s market; rents historically don’t go down and our rents are the highest they’ve ever been.

One big advantage of Vegas is taxes. Currently, we have zero income tax. Because of this, we have a ton of big businesses relocating here bringing in a ton of jobs. Another advantage is that Vegas is just a small city in the middle of the desert, which means we have a ton of space to build—both out and up. 

To see all the numbers, click on the image below or contact one of my team members today!