What Rising Rates and Prices Mean for You
Here is what’s going on in our Las Vegas real estate market.
What’s going on in the Las Vegas real estate market? Just like the last few months, we have a serious supply problem. There are only about 2,000 total units on the market, and that’s almost the lowest inventory has ever been. Prices are also still going up. The median single-family home price is $465,000, which is up by $15,000 from last month.
There is something new to report: Interest rates are on the rise, too. Rates are hovering around 5%, and that has made a lot of our clients hit the brakes. They want to wait until the market crashes to buy a home.
"There’s still some opportunity in this market."
However, is a market crash coming? To figure out what’s coming up, we looked back at the market from 2006. When we reached our peak price back then, there were some other factors in play. Interest rates were above 6%, but median incomes were nowhere near where they are today.
If we look at 2022, the median household income is 48% higher than in 2006, so homes are more affordable now than back then. Our buying power today matches what it was in 2000, which was years before the market crashed. I bet that surprised you; it surprised us. What it means is that there are still some opportunities in this market. You can buy a home at a great price right now.
If you’re thinking about making a move in the market, call or email us, and we can help evaluate your situation. We look forward to hearing from you.