Las Vegas Home Prices Set a New Record For June 2020 coming in at $325,000.00 as the average sales price. This figure is acording to Tom Blanchard President of Las Vegas Realtors Association. Inventory remains very low at a 2 month supply of homes for a population of 2.5 million people here in Clark County.
Sales however have been cut in half due to Covid-19 but the real estate market in Las Vegas reamins strong. Demand for homes comes as interest rates remain at all time low levels. Buyers think that their buying power and affordability make it a strong case to buy a new home.
Pricing Up from June 2019
Prices compared this time from June 2019 indicate that overall prices are up 6.9%. With strong demand, and low inventory most homes being sold will be in a sellers market. This means sellers are getting to get top dollar for their homes or close to it.
Is now a time to sell or buy? That will depend on your specific needs for real estate here in Las Vegas.
Las Vegas Home Prices Set a New Record For June 2020 indicates that our market is strong, people are able to afford a new home. As the economy picks up, more demand will be seen here in Las Vegas for homes.
What Does This Mean For Buyers?
If you are on the fence waiting out the market to buy a new home, you may want to rethink this. Therefore, If demand continues to rise and supply continues to shrink, pricing will continue to go up. This will make it harder to find a home within your budget. If you can afford to buy a home and pay for it for the next 3 years, now is the time to buy. In addition to this, if you have job security now is the time to buy. If you are concerned about your job, do not buy.
What Does This Mean For Sellers?
If you have been waiting to sell your home, take advantage of the low inventory market. Now may be the time to sell your home. Getting top dollar for your home depends on demand and market conditions. If you need help selling your home, call me today. I can provide you with a free market analysis and show you how I can help you get top dollar for your home.