Zillow: Real Estate Inventory in Las Vegas Valley Increases Over 44 Percent Year-Over-Year
LAS VEGAS, NV – According to a new report by Zillow, the amount of residential real estate inventory available in the Las Vegas Valley has jumped dramatically since last year, but despite the availability the buyers just aren’t there at the moment due to a number of factors.
There has been an increase of 44.5 percent year-over-year in March in the number of homes on the market in Las Vegas; this is a situation that is occurring throughout the country, although the valley is becoming one of the most prolific in that regard.
In contrast, the number of homes on the market in March in the United States overall has gone up 19 percent when compared to the same period of time last year, currently making Las Vegas 25 percent higher than the national average, according to Zillow senior economist Kara Ng.
What’s happening nationally is playing out similarly but more prominently in Las Vegas. Sellers are listing their homes at far greater rates than last year, but buyers are not absorbing those homes at the same rate,” she said. “This has left more homes lingering on the market. However, while Las Vegas inventory is up almost 45 percent over the year, it’s still about 20 percent lower than pre-pandemic norms.
Ng noted that in addition to the inventory in Vegas rising, prices are also continuing to go up; again, this is true in many major metros in the country, although it is becoming quite pronounced in Southern Nevada.
Home values in Las Vegas have risen significantly. Affordability is a hurdle, especially for first-time buyers who are relying on savings alone, and turbulence in the stock market could push down payments out of reach,” Ng said. “These headwinds may be capping the pool of financially ready buyers. Sellers, on the other hand, are typically more financially stable and have the benefit of home equity to put toward their next purchase. Together these forces are leading to the accumulation and normalization of inventory.”
Shelter Realty Property Management specializes in the areas of Henderson, Las 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.
Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management