LAS VEGAS (KTNV) — The Las Vegas housing market is setting new records once again!
According to Las Vegas Realtors, the median home price is now more than $406,000. That shatters the previous all-time record set in July.
Home prices continue setting records, rent prices are increasing, investor activity is up and supply remains low. Despite all of this, Las Vegas Realtors believe we may see the hot housing market cool down in the coming months.
LVR President Aldo Martinez says the housing market typically changes with the seasons, peaking during the summer and slowing down in the fall and winter. The pandemic disrupted that pattern last year.
This year, he says prices are still increasing but it’s slower than previous months, suggesting we may follow the national trend of stabilizing.
The local housing supply is still low, but Martinez says at least it’s stopped shrinking.
September marks the 8th month in a row with more homes available than the previous month.
Erik Bildman is vice president of Sundae, a marketplace for sellers of distressed or dated homes. or sellers who don’t want to bother with the inconvenience of showings or repairs. He says it’s still a seller’s market, but to be careful of investors who may be trying to take advantage.
“Of all the transactions that are happening in Las Vegas right now in terms of home sales, 30 percent of those are cash. That’s one of the highest percentages in the country. That means there are a lot of investors and a lot of wholesalers out there that make their money by paying the seller as little as possible,” Bildman said.
Bildman says if you’re the seller, take a close look at the contract. If it’s an assignable contract, they may just sign the contract and immediately sell it off for a big markup.
Bildman says an investor may also get the property under contract and then once you’re hooked, they renegotiate a lower price- blaming it on repairs.