Las Vegas Homes For Sale – Goodbye!

Las Vegas Homes For Sale – Goodbye! Housing affordability in the US, particularly in the Las Vegas real estate market, is at its worst levels in history. Near record home prices and 7% interest rates have made it nearly impossible for the average person to enter the market. The total amount of Las Vegas homes for sale has grown over 60% in the last 8 months with nearly 7,000 Las Vegas homes for sale. The median price of the thousands of Las Vegas homes for sale now stands at $480,000, just $2,000 shy of the record from May of 2022. The Las Vegas real estate market is now the 11th least affordable market in the country. Only 18% of the cumulative amount of Las Vegas homes for sale are considered affordable at this point. Monthly mortgage payments now consume nearly 40% or more of home buyers monthly gross pay leaving prospective buyers saying goodbye to their dream of homeownership. In popular markets like Las Vegas with its rapidly growing supply of Las Vegas homes for sale, the situation is even more dire, as the gap between income levels and home prices continues to widen. But now many sellers are facing reality as inventory increases and the total amount of Las Vegas homes for sale is growing each month. Many sellers who initially listed their properties at inflated levels on real estate websites like Zillow, are now being forced to reduce their asking prices as demand and affordability rapidly diminishes. For buyers, this could signal a turning point, but for now, the affordability crisis surrounding Las Vegas homes for sale as well as other markets remains a significant challenge.

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Jerry Abbott
NV License # S.0183274
Summit Properties
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📲 Email: jerry@jerryabbottrealty.com

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