LAS VEGAS HOUSING MARKET - MARCH 2021
The Las Vegas Housing Market in March 2021 is Ridiculously HOT! See the numbers for yourself!
The median sales price for a home in Las Vegas for March 2021 is $363,000.00. The median sales price of single-family homes in Las Vegas went up by 13.8% year-over-year and 2.3% month-over-month.
- For the month of March 2021, the Las Vegas Real Estate Market Data shows 3,726 single-family houses sold. Up 34.7% from February 2021 and up 35.1% from March of 2020.
- In March of 2021, 3,566 new listings hit the market, up 18.2% from February 2021 , but down 1.1% from March of 2020.
- A total number of 1,772 single-family houses are available without offers at the end of March 2021. Up 5.7% from February 2021 and but down by 68.8% from March of 2020.
- Inventory is only at .05 months or two weeks.The housing supply in Southern Nevada is down 21.5% from February 2021 and down 76.9% from March 2020.
- 74% of the closings for the month of March 2021 were sold with in 30 days or less,.
- In February this number was at 66.7%. In March of 2020, 59% of the homes were sold in 30 days or less.
Las Vegas Housing Market - MOTIVATING FACTORS
There are a several factors behind our record breaking numbers which are pushing our trends higher.
First, according to thestreet.com the high tax state movers who pay fortunes and are hoping to save more of their earnings; Second, the pandemic has allowed more people to work jobs remotely so the ability to relocate is at a all time high for many as shown here by mymove.com; Third, historically low interest rates for homeownership has gotten the attention of buyers, you can check daily interest rates here. Affordability
Las Vegas Housing Market - DEMAND
This high demand for housing in Las Vegas exceeds the supply of available for homes for sale. Market supply and demand shift and fluctuate due to outside factors. Right now this high demand is pushing Las Vegas home values higher and higher, multiple offers are currently being received on most properties hitting the market. Last but not least is an affordable housing market in comparison to many other states, its a BOGO compared to where new residents are coming from. Some houses that are $500K here in Las Vegas, could be $1Million in California or New York. Buyers from these states have a little extra cash to be more competitive and are pushing affordable homes out of reach. Sellers who do sell, are raking in the cash and taking advantage of the market control. However, Sellers are few and far between as you can see in the inventory decline and that pushes prices even higher. The extreme lack of inventory makes it a cash cow for Sellers right now.
Whether you’re looking to buy or sell, timing your local market is an important part of real estate investing. The Las Vegas housing market is one of the hottest markets in the U.S.
LOOKING TO SELL?
For sellers, what a great time to sell! Inventory is low and motivated buyers are looking for houses for sale. Sellers don't have competition with as many property owners. Some would be sellers have decided to wait out the pandemic, but more and more buyers enter the market. This only further pushes the pricing point higher due to tight supply. Check your home's value here! or CONTACT ME HERE FOR MORE INFORMATION!
LOOKING TO BUY?
For buyers, the inventory is slowly increasing and mortgage rates are at historic all-time lows, record-breaking never seen before lows. Buyers are out in force taking full advantage of their higher than usual purchasing power. It is a win-win scenario for both sellers and buyers. CONTACT ME HERE to get started!