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Amid Slowing Housing Market Nationwide, New Las Vegas Luxury Homes Sales Continue to Soar

Luxury homes

Amid Slowing Housing Market Nationwide, New Las Vegas Luxury Homes Sales Continue to Soar

LAS VEGAS, NV – While the national housing market has showed distinct signs of slowing down after mid-pandemic buying frenzies fueled by low mortgage rates dominated the industry, the high sales rate of new luxury homes in Las Vegas appears to remain red-hot in 2022, with the market already showing a distinct increase when compared to the same period of time in 2021.

Reports show that 235 homes costing $1 million or more have closed during the first six months of 2022 in Las Vegas so far, which represents a 16 jump over the number of luxury homes closed on during first six months of 2021.

These numbers show a dramatic jump in sales of new luxury homes in Vegas when compared to prior to the COVID-19 pandemic. For example, in the first six months of 2017, 52 luxury homes were sold in the region, 87 in 2018, and 123 in 2019; sales only dipped slightly to 115 in 2020 due to the pandemic.

Some of those record-breaking figures for 2022 can be attributed to the rising cost of construction supplies brought about by COVID-19-related supply chain issues, which in-turn contributes to the rising costs of home-building overall.

And despite record-breaking sales of luxury homes in the Southern Nevada region continuing unabated so far this year, developers report they are seeing some high-priced buyers being a tad more cautious about how exactly they spend their hard-earned dollars in the face of the 40-year high inflation that is bombarding the country.

However, even the recently-rising interest rates on home mortgages that have slowed the real estate industry as a whole have not significantly impacted the Vegas luxury marketplace, according to Blue Heron CEO and founder Tyler Jones, a developer of high-end homes in the region.

“These are people that aren’t as affected by interest rate changes,” Jones said. “If you’re going to buy a multimillion-dollar home, and interest rates go up a point, that’s not going to stop you from buying the home.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.