Las Vegas Realtors President: Local Housing Market “Going Through a Reset”
LAS VEGAS, NV – In a recent interview, Las Vegas Realtors (LVR) President George Kypreos commented on the current conditions of the housing market in Southern Nevada, noting that it was in the process of “going through a reset” and offering advice to both home buyers and sellers on how to best take advantage of the coming changes.
Kypreos first spoke about the existing state of the real estate market in the Las Vegas Valley, and the various circumstances influencing it.
Right now, the Las Vegas housing market is going through a bit of a reset,” he said. “After the rapid post-pandemic growth, we’re seeing more inventory on the market than usual. This shift is helping to bring more balance between buyers and sellers, creating a healthier and more stable real estate environment.”
While high interest rates on home mortgages have put many buyers on the fence as of late, Kypreos stated that Vegas still holds many advantages over the rest of the country when it comes to purchasing a house.
Demand remains strong, particularly for buyers who can qualify in today’s lending conditions. While interest rates have affected affordability, opportunities still exist for those who are financially prepared,” he said. “Our median home price sits around $480,000. That might seem high at first, but it’s still significantly more affordable than what buyers are seeing in nearby markets like California and Arizona. With continued job growth, lifestyle appeal, and Nevada’s tax advantages, Las Vegas remains a top destination for real estate investment and relocation.”
The LVR president also offered advice for both buyers and sellers on how to best navigate the shifting and evolving real estate market in the coming months.
For buyers: preparation is everything. Get pre-approved, understand your budget, and work with a real estate agent who knows how to navigate the Las Vegas housing market. There’s less competition now than in recent years, which means more room to negotiate and more chances to find the right property,” Kypreos said. “For sellers: make your home stand out. Homes that are clean, staged, and priced properly still sell quickly. Today’s buyers are informed and expect value. Don’t wait for a perfect market because the perfect time is when you’re ready and you have a clear plan in place.”
And finally, Kypreos touched upon what he would like to see improve in the residential market in Vegas in the years to come.
I’d love to see more initiatives that support affordable housing for first-time homebuyers and longtime residents,” he said. “Las Vegas is growing fast, and it’s important that we continue to create opportunities for families and individuals looking to plant long-term roots here.”
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