Average Time of Las Vegas Valley Homes Sitting on the Market Increasing
LAS VEGAS, NV – The average amount of time homes for sale in the Las Vegas Valley are sitting on the market is gradually increasing, according to a new report by Redfin.
Homes in the valley – as of data taken from sales in January – are sitting on the market for an average of 78 days, which represents an increase of 18 days year-over-year, Redfin notes.
Meanwhile, the median sales price of a Vegas home has decreased 1.1 percent in January when compared to the same period of time one year prior, but pending sales are down 6.7 percent; meanwhile, the number of homes that are being sold is down 8.4 percent, and new homes that are being listed on the market have decreased 10.1 percent.
The data was compiled from listings in the valley that had been up for 18 days or longer when compared to the previous period of time one year prior. Active listings were up 8.6 percent year-over-year, according to Redfin.
This data ranks Las Vegas at the third highest major metropolitan area in the United States, only behind San Antonio, Texas at 21 days and Houston, Texas at 19 days.
Redfin Senior Economist Asad Khan noted that the market has been favoring buyers to a higher degree than the organization has seen in many years.
Home prices grew so fast for so long that a lot of buyers got shut out of the market, which is now causing price growth to cool,” he said. “With far more homes for sale than people who want to buy them, the buyers who are in the market have the power to negotiate on price, which is keeping price growth in check.”
While home-price growth has slowed and mortgage rates have dipped, housing affordability hasn’t improved enough to bring a critical mass of homebuyers off the sidelines,” Khan concluded. “The median home sale price was at the highest January level on record last month, and mortgage rates were still more than double the record low hit during the pandemic. Redfin agents say many house hunters are waiting for rates to fall further before jumping in.”
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