Las Vegas Homes For Sale - OH NO...

Las Vegas Homes For Sale - OH NO... The real estate market has been all over the place since the start of 2023. The market was cold to start the year and now it has picked back up because of the prime Spring buying season. The amount of Las Vegas homes for sale has dipped downed as demand picked up making buyers uneasy again. Interest rates are still close to 7% or higher for most borrowers so affordability still remains a challenge. However, there are less sellers now as rates continue to stay elevated. There are now close to 5,000 Las Vegas homes for sale and that could potentially grow as qualifying for home loans becomes more difficult for buyers. Unemployment is starting to go up which means more sellers will likely be forced to sell in the near future. I think most all of the Las Vegas homes for sale will see further price reductions as we go through this year and into 2024. There are thousands of Las Vegas homes for sale and inventory will likely rise as more banks tighten their lending requirements. As a buyer, I would continue to be patient before buying any of the numerous Las Vegas homes for sale. As mortgage rates stay elevated, Las Vegas home prices will likely further recede, albeit more slowly over the course of 2023. I believe patience is the prudent play to see home prices and or mortgage rates meaningfully come down before buying one of the many Las Vegas homes for sale.

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Jerry Abbott
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Summit Properties
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