Opportunities Do Exist for Las Vegas Home Buyers
Homebuyers have an opportunity within the Las Vegas Housing Market to receive seller contributions toward reducing their mortgage interest rates. Chairman Powell opined during a press conference on November 2, 2022, after the Federal Reserve increased rates by 0.75% that the housing market nationwide was overheated. Arguably, the Las Vegas Housing Market was indeed a five-alarm fire! In the first quarter of 2022 the residential inventory for single family homes was less than a three-week supply. Conversely the fourth quarter of 2022 has yielded a three-and-a-half-month inventory of homes actively on the market for sale. Average homes prices in January exceeded $500,000 in Southern Nevada’s three largest cities, Henderson, Las Vegas, and North Las Vegas. Whereas in November the average home prices for single family homes has come down to roughly $450,000. For buyers who were pushed out of the market during the last two years because they did not have enough cash on their money tree to compete in multiple offer situations, now is the time to re-consider and re-enter the market to buy a home in Las Vegas.