The median sales price of previously owned single-family homes — the majority of the market — was $363,000 in March, up 2.3 percent from the previous all-time high, set in February, and 13.8 percent from last March, according to a new report from trade association Las Vegas Realtors.
It is a sellers market with the continued influx of home buys coming in from outside of Nevada with California being at the top of the list. We are seeing under a one month supply of houses for sale. 74 percent of houses that sold last month had been on the market for 30 days or less, compared with 59 percent of house sales in March of 2020.
When the pandemic first struck, there was a brief lag in sales and though our economy was battered due to business shut downs, the mortgage rates were at an all time low so the Las Vegas Valley real estate market bounced back. Rates are still low but are creeping up monthly which is good for buyers.
It’s crazy out there. In some cases, we are seeing multiple offers within just a few days when we list a property. Many of the offers exceed the list price by as much as 10 percent.
Whether you want to buy or sell a home in Las Vegas and Henderson, please reach out to our team to make it happen.