LAS VEGAS (KTNV) — The latest stats from Las Vegas Realtor show there are nearly 7,000 single-family homes available in the Las Vegas Valley, about 1400 more than January 2022.
While the median price is still high at $525,000, Coldwell Banker Realtor Jennifer Graff says an increase in available properties will work in a buyer’s favor. She also says she’s seen price reductions on thousands of homes on the market.
“Homes are not selling as quickly as they were. That means there is more opportunity, and the fact that sellers are coming down from the prices in the marketplace means that there is more opportunity to negotiate price,” Graff said.
A lot of this also depends on if houses are being built quickly enough to keep pace with housing needs.
So far in 2022, Nevada has issued more than 10,700 building permits, which is 460 more than July 2021. However, month-to-month statistics show a drastic drop in permits from April to May.
Ultimately, realtors recommend that first-time home buyers also explore all available mortgage programs. Grants are available for low to middle-income buyers looking for down payment assistance.