What Happened in the the Las Vegas January 2022 Housing Market?
What happened in the Las Vegas real estate market this past January, and what does it mean for you if you plan to enter the market as a buyer, seller, or investor? That’s what we’ll dive into today.
First, supply has gone down. Fewer than 2,000 single-family homes are on the market right now. That's a third fewer homes for sale compared to last year. We believe that this supply shortage will likely drive homes prices up over the next few months.
The good news for buyers is that the rate of appreciation slowed in January. We ended 2021 with an $8,000 to $10,000 price increase, while they only went up by $5,000 in January. As we move into spring, more homes are usually placed on the market. Spring and summer are the most active months, so there should be more choices for buyers.
This supply shortage will likely drive homes prices up over the next few months.
Another positive sign we saw in January is that although inflation is increasing and that caused rates to rise, we expect interest rates to fall toward the middle of the year. Most top mortgage experts agree with us on this. This means that buyers will have more homes to choose from and perhaps lower interest rates. For sellers, climbing prices make now a great opportunity to capture that equity and build up your bank account.
If you're making a real estate decision in 2022, let us know, and we'll reserve some time to review your situation and make specific recommendations. If you have any questions, don’t hesitate to reach out to us via phone or email. We look forward to hearing from you.