Is Las Vegas housing market cooling down?
However, for most of 2022, the market has cooled down thanks to soaring interest rates. According to Las Vegas Realtors (LVR), the average price of homes sold in November in the Las Vegas Valley was $430,900, the lowest average monthly price in 2022.
The Office for Budget Responsibility has projected that prices will fall by 9% between 2022 and 2024, before starting to rise again throughout 2025. In November 2022, property website Zoopla said it expected prices to fall by 5% in 2023.
Las Vegas Housing Market Update - August 2022
We have 9.1% more homes for sale than we had last month and 145.6% more than last year. Condos and townhomes add 2,278 options for today's buyers. That's up from 1,852 for sale last month and 1,140 the time last year. The Total number of homes for sale is 10,184.
It's no longer entirely a seller's market here: Redfin data shows that 46 percent of homes had price drops in September of 2022, a 23 percent increase year-over-year. As long as your budget can handle high mortgage rates, 2023 is looking like a prime time to buy a house in Las Vegas.
In 2023, the median home price in Las Vegas is expected to decline 20% year-over-year.
With mortgage rates remaining persistently high at 6.7 percent and US home sales falling for ten months straight, Redfin chief economist Daryl Fairweather said the hot markets in Austin, Phoenix and Las Vegas would likely see prices drop in 2023.
In general, buying a home during a recession will get you a better deal. The number of foreclosures or owners who have to sell to stay afloat increases, typically leading to more homes available on the market and lower home prices.
Capital Economics' central forecast is for house prices to fall by 12% by the end of 2023, but Andrew Wishart, senior economist at the consultancy, said in a worst-case scenario prices could plummet by up to 20%. “The initial drop in house prices has been sharper than in the financial crisis or the early 90s.
Our other experts agree: The slowdown in home sales that beset the second half of 2022 will continue into 2023. Sharga believes the number of sales will continue to slow, likely hovering in the 4.5 million range, with new-home sales at around 600,000. Listings may no longer go at a lightning-fast pace, either.
Las Vegas Home Listing Prices Continue to Rise
This data is provided as an informational resource only. The median list price of homes in Las Vegas, NV was $433K in November 2022, trending up 9.6% year-over-year. The median listing price per square foot is $248.
Are home prices dropping in Nevada?
Southern Nevada home prices have been largely sliding for months amid a broader slowdown in the market. According to association data, November's median sales price was the lowest of 2022, and year-over-year price gains have shrunk.
The latest data from the Office for National Statistics showed prices stayed the same between August and September 2022, and while they grew 9.5% year-on-year this is a marked increase from the 13.1% and 15.2% we saw in August and July, respectively.
H ouse prices in London are set to fall by 10 per cent over the next two years after the Chancellor's mini-Budget sent the mortgage market into meltdown.