Las Vegas Real Estate Market: A Look at 2023 and Beyond

Home Sales Rebound in Southern Nevada and Across the US, But Buyer Activity Still Lags Behind 2022 Levels

Las Vegas Real Estate Market: A Look at 2023 and Beyond

If you're a homebuyer in Southern Nevada or anywhere in the US, you'll be pleased to know that home sales have been on the rise in recent months. According to the National Association of Realtors, resales in the US jumped by 14.5% from January to February, ending a year-long monthly drop. However, sales were still down 22.6% from February of last year. In Southern Nevada, more than 1,700 previously owned single-family homes changed hands last month, up 30% from January, but still down 31.5% from February 2022, according to Las Vegas Realtors. The median price for these homes was $424,995, down 5.6% from February of last year.

On the bright side, builders logged 874 net home sales in Southern Nevada in February, up 32% from January, according to Home Builders Research. However, sales were still down 23% from February 2022. Though buyers have been returning to the market, the housing market started 2023 slowly, and potential buyers and sellers have been challenged by big swings in borrowing costs.

However, the spring buying season started early this year, with motivated buyers wanting to take advantage of even the smallest improvements in housing affordability. As Las Vegas Realtors President Lee Barrett said earlier this month, the housing market is "much more balanced now than it has been in recent years."

With home construction, builders' consistent price drops during the second half of last year have mostly stopped, and many builders are beginning to slowly increase them once again. However, there are fewer actively selling new communities in Southern Nevada than there were last year, due to a lack of land buying activity over the past quarter or more in the Las Vegas area.

If you're interested in buying a home, it's encouraging to see a jump in sales totals, but there are still challenges to navigate. Contact a local real estate agent to learn more about your options and how you can make the most of the current market.

March 23, 2023