Las Vegas Housing Prices Leveling to National Average

Anyone watching the housing market, or their Las Vegas home value, over the last few years has notices a swift upswing in the local market. After being named the “hottest real estate market in the nation” and month over month housing price gains and growth, a leveling out of the market was inevitable. This type of action happens naturally as the volume of homes available becomes more plentiful at the same time home resale values stabilize. The result is a more affordable housing market overall.

What This Means For Home Values

With the massive growth explosion that happened over the last several months, we saw housing resale prices go through the roof overnight. The result was a boom in new home construction. Now that the construction of new homes has caught up, inventory is more abundant. To put it in perspective, we were at a point where we had less than two months of housing inventory on the market. Depending on the day, right now we have more than six months.

What the leveling of the Las Vegas housing prices closer to the national average mean for your home values is strength. As the new home values rise, to match the current market values, your home is more likely to retain it’s current value. Las Vegas was one of the hardest hit cities in terms of real estate value. The correction one way, meant that the values needed to come back, and many experts believe this has happened.

And if you have owned since before the market crash you’ve more than likely recouped your losses. In some cases home owners are at a profit again, making buying or selling their Las Vegas home a consideration.

A Great Time to Buy and Sell

There are no guarantees in real estate. And the market treats everyone differently. However, it is generally considered that with a steady market, like the one we are currently seeing, this is often considered a great time to buy or sell real estate. There’s no major housing shortage to cause artificial inflation in the market. At the same time, there’s not really a surplus driving prices down. Homes are moving off the market quickly, and at steady, fair prices.

Frequently there is a hesitation that selling your house might not get the biggest benefit. Or the question of overpaying for a new property stops a would-be Las Vegas home buyer. In the market today, there’s a good reason to make this transaction as both sides are quite evenly stacked.

Find out about real estate properties, and work to find you the right home with your local real estate team at Windermere Anthem Hills.

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