The Las Vegas Valley housing market is experiencing a significant shift, with nearly $7 billion worth of homes on the market, the highest ever recorded, according to Redfin. This reflects a stabilization in the local market after years of volatility post-Great Recession. Despite the high inventory, home sales are slowing, and prices are stabilizing near record highs.
The market is described as still being a seller’s market, but there are signs it may soon favor buyers, particularly as regular buyers become scarce and wealthy investors show increased interest in bulk purchases. The median price for single-family homes remains at $480,000, slightly below the peak earlier this year but still higher than the previous year.
The condo and townhome market has seen a slight uptick, suggesting a potential turnaround, though overall market trends remain downward. High mortgage rates, currently at 6.8% for a 30-year fixed-rate mortgage according to Freddie Mac, are contributing to the challenging market conditions, impacting affordability and extending the time homes remain on the market…