Las Vegas Real Estate Market in 2023: A Comparison to 2022 and the Impact of Mortgage Rates
Las Vegas has always been a popular destination for tourists, retirees, and those looking to escape the cold northern climates. As a result, the real estate market in Las Vegas has remained active, even through the COVID-19 pandemic. In this blog post, we will compare the Las Vegas real estate market in 2023 to 2022 and explore how mortgage rates have affected it, as well as the current inventory of homes.
In 2022, the Las Vegas real estate market was experiencing a shortage of available homes. This was due to a combination of factors, including an influx of people moving to the city, the growth of remote work, and a halt in new construction projects. As a result, home prices in Las Vegas increased, with the median home price reaching $425,000.
In 2023, the Las Vegas real estate market stabilized, with a slight increase in available homes and a slight decrease in asking home prices. The average home price in Las Vegas remains the same as in December 2022. This stabilization can be attributed to a number of factors, including an increase in new construction projects, a rise in interest rates, and a slowing of the pandemic.
According to the Las Vegas Realtor Association, a total of 1,325 houses traded hands last month, down 13.6 percent from December and 48.3 percent from January 2022. A total of 5,450 houses were on the market without offers at the end of January, down 12.3 percent from December but up 199.3 percent year-over-year, according to the association.
Mortgage rates have also had an impact on the Las Vegas real estate market. In 2022, mortgage rates were at an all-time low, making it easier for people to purchase homes. However, in 2022 and into 2023, mortgage rates have started to rise, making it more challenging for some prospective homebuyers to obtain financing.
The average rate on a 30-year home loan was 6.09 percent as of last week, up from 3.55 percent a year earlier, mortgage buyer Freddie Mac reported. Rates have declined from recent highs and continue to stabilize. Despite this, the Las Vegas real estate market remains strong, as many people are still eager to make the move to the city.
In terms of inventory, the number of homes available for sale in Las Vegas has increased, but competition for available homes remains consistent. Prospective homebuyers should be prepared to act quickly when they find a home that meets their needs and budget. They should also be prepared to provide a strong offer, including a pre-approval letter from a lender, to increase their chances of securing the home they want.
The Las Vegas real estate market in 2023 has stabilized compared to 2022, with a slight decrease in home prices and an increase in the number of available homes. The current market is more in line with an average real estate market over the years. Despite the challenges posed by the pandemic and rising mortgage rates, Las Vegas remains a popular destination for those looking to purchase a home, and the real estate market is expected to continue growing in the coming years.
With the strong local and national economy as well as the stabilizing residential real estate market this could be a good time to buy or sell your home. Chat with one of our concierge real estate professionals today at 702-560-5904 or email us at firstname.lastname@example.org.