Along with its desert climate and burgeoning tourism industry, the Las Vegas housing market is one of the hottest in the country. According to the U.S. Census Bureau, the Las Vegas metro area ranks 97th in population growth, growing by 19,000 people from the summer of 2020 to 2021.
Over the past decade, the Las Vegas metro area has grown nearly 20%, with about 2.3 million people living there today. However, the previously seller-friendly housing market has become more of a buyer’s favorite in 2023, as home sales and prices show signs of easing in the first months of the year.
Las Vegas Real Estate Trends
There’s no doubt that the Las Vegas real estate market is being reinvented. For example, Redfin’s September 2022 report for the 100 most populous cities in the U.S. found that Las Vegas was the second-fastest cooling market. Seattle took the top spot. At the same time, the city is one of the top 10 most popular migration destinations. While selling a home in this metro area is becoming increasingly difficult, data shows that people are still interested in moving to Las Vegas.
Home Prices Are Falling
The good news for home buyers is that the median home price is falling. The Las Vegas Association of Realtors (LVR) reports that the median sale price of a single-family home in May 2023 was $495,000, down 5.71% from a year ago. Detailed data from Redfin shows that 23.3% of listings had a price reduction in May 2023, down 1.6% from a year ago, suggesting that more sellers are being forced to accept lower offers in a tight market. In addition to the price reductions, the number of sales above their asking price has also decreased. Redfin reports that only 26.5% of homes sold above list price in May 2023, down 32.7% from a year ago, suggesting a more balanced market.