Hello, Vegas enthusiasts and real estate aficionados! If you’ve been eyeing the bustling Las Vegas real estate market lately, you’re in for a treat with some exciting updates. Las Vegas Valley’s condos and townhouses have not only hit the jackpot but have set new records that are turning heads far and wide.
In April, the median price of a condo or townhouse in the vibrant Las Vegas Valley soared to an all-time high of $290,000. This marks a significant 7.4% increase compared to the same time last year. The previous record? A cool $287,000 set back in August 2022.
But wait, there’s more good news! The market is bustling with activity as the number of condos and townhouses available rose by 10.7% compared to last April, with a healthy 3.8% increase from March alone. If you’re thinking about listing, now might be the perfect time as new listings spiked by 5.9% from March and a whopping 29.5% from last April.
The overall demand in the Las Vegas housing market is heating up too, with a total of 2,960 existing homes, condos, and townhomes changing hands in April. This represents a 12.3% increase in single-family home sales over the previous month and a 19.2% jump from April last year. Condo and townhome sales specifically leaped by 16% over the same period last year.
Despite higher mortgage rates putting a damper on the broader national market, Las Vegas seems to defy the odds with increasing home sales. “It’s good to see more homes and condos selling,” said Merri Perry, President of Las Vegas Realtors. She highlighted that demand continues to outstrip supply in Southern Nevada, pushing prices upwards.
However, it’s not all roses. The national real estate scene reveals a tougher climb for low-income homebuyers. According to a recent Redfin report, there’s been a 23% drop in successful mortgage applications for low-income buyers since 2020, skewing more sales towards affluent buyers. High-income homebuyers are still securing mortgages, even with high rates, dominating a larger share of the market.
Interestingly, there was a brief period in 2020 when mortgage rates were low and home prices hadn’t yet skyrocketed, allowing some lower-income Americans a shot at homeownership. Unfortunately, the continuing robust economy has increased home prices, expanding the real estate wealth gap.
So, what’s the takeaway for those looking to invest or settle down in Las Vegas? The market is hot, and prices are at an all-time high, but the rising number of listings and robust sales activity could offer opportunities for both buyers and sellers willing to dive into this lively market.
Stay tuned, and maybe your next real estate win could be right around the corner in the Entertainment and Sports Capital of the World!
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