Every year Realtors and Housing Market experts do their best to know what’s happening in today’s real-estate market. However, only busy agents are abreast of the most recent market conditions. In this informational blog we separate facts from rumors to give you a clear insight into today’s housing market.

As you can see from the graph above there are still a sizable percentage of Americans who believe that housing prices will fall at any given month during the year of 2024. Although there is always a possibility this can happen, the likelihood of it is considerably low when looking at the data of 2023 housing appreciation. Especially when looking at the 49-Year Average Monthly Price Movement Month-Over-Month between 1973–2022. At a minimum housing prices have risen by 10 percent, and with only slight variations in certain years. It is my opinion that trying to predict these price drop variations using month to month data is not a reliable strategy to base your timing to invest in the real-estate market.

Whether it’s housing prices or mortgage rates you are trying to predict or understand this year. Understanding how the local economy impacts market trends and the differences in city to city real-estate is the key to making well informed decisions. Real-estate in the Las Vegas Valley has been on the steady rise this end of 2023 and beginning of 2024. In January 2024, Las Vegas home prices were up 6.29% compared to last year, selling for a median price of $429K. On average, homes in Las Vegas sell after 37 days on the market compared to 76 days last year.

There were 720 homes sold in January this year, up from 610 last year. This is something important to note because real-estate statistically has shown a higher percentage chance to appreciate rather than depreciate in most overall scenario’s. With this current trend we can make the educated prediction that home prices will continue to rise steadily. Especially in cities with such high demand for commercial and private real-estate like Las Vegas. The market in Las Vegas still favors sellers because of the low amount of housing inventory, appreciating home prices, and high demand given the high volume of buyers such as investors and those interested in relocating to the Las Vegas Valley.

It’s my recommendation that prospective buyers that intend to purchase real estate in the near future do not wait, as they will most likely end up paying higher prices to delay that purchase decision. Most mortgage experts predict interest rates will be falling later in 2024 and early 2025, which will give the opportunity to refinance, I have several mortgage lenders that offer a no cost refi if you purchase now, a total win-win scenario.

Feel free to contact me for a private free real estate consultation.