It might not come as a surprise to many in Henderson and the greater Las Vegas area, but all signs point to the seller’s real estate market continuing for the time being. While this is great news for people who already own real estate here, it is getting harder for new investors and even people looking for a family home to break in to the market at an affordable price.
The inventory of residential properties available for sale in the area is down 23.5 percent from 2017, which is a drop second only to a city in a neighboring state, which had a 26 percent drop in real estate inventory. Across the country, the drop of inventory averaged only 9 percent.
Moreover, the homes in the area that are available are, generally speaking, not starter homes. Fewer than one in three homes on the market would be considered in range for a first-time homebuyer, while the rest of them are geared more toward high end buyers.
For those who already own a house, the news is much better. Across the metro area, median home prices increased over 15 percent, up to $260,000 and some change. Las Vegas clearly outpaced the rest of the country, which saw an average in increase in home prices of 8 percent.
While this does not mean that new investors in this market are effectively shut out, it does mean that those buying property will have to work hard to get the right deal that works for their long time financial goals. An attorney with experience in both real estate law and with real-life business experience in the world of real estate can be very helpful in this respect.
Source: ABC 13, “First-time homebuyers struggle with low inventory, high prices in Las Vegas,” Bryce Riley, April 26, 2018.