Las Vegas home prices went up in March 2020. Even with the Corona virus closing up almost everything in Las Vegas, we saw our average home price go up from $316,000.00 to $319,000.00.
Last year at this time the average home price in March 2019 was $300,000.00. Our inventory still remains low. This could be a reason for home prices going up again.
According to the article from Fox Five Vegas, Las Vegas Home Prices Went Up In March 2020. https://www.fox5vegas.com/coronavirus/las-vegas-sets-home-price-record-despite-coronavirus-pandemic/article_005c8c72-78cc-11ea-9bc1-63610e21bd98.html?utm_source=FOX5%20Vegas&utm_medium=referral&utm_campaign=Breaking%20News sales went up as well.
We still do not know what the long term affects will be with this nationwide shut down however, the Las Vegas market is still in good shape.
Keep in mind that real estate is a cycle. It goes up and it goes down. With inventory being this low, we do not know when it will pick back up. If people decide to stay in their homes, inventory will remain low.
When people also take advantage of the Forebearence program, that could also keep people in their homes longer.
If you are thinking of buying a home, contact me first with your questions. Let’s look at this situation logically and see if it’s the right time for you to buy a new home. Loan Programs if you are financing have changed as well. Please contact your loan officer for more information. You may need a higher than normal credit score to obtain a home loan.
Do you want to sell your home in Las Vegas? Now might be the time to sell. Inventory may come up some this month. Despite the Corona Virus situation, I am seeing new listings hit the market and MLS.
Contact me for a FREE home evaluation today. Just visit: https://lvrealty4sale.com/valuation-form/
Check out my community pages too! https://lvrealty4sale.com/communitiy-pages-in-las-vegas-and-summerlin/