Home prices in Las Vegas continue to rise as the median price reached $469,974 in February. However, this increase coincides with a significant spike in active listings, which grew by over 60% year-over-year. Many potential buyers, including average earning families, cannot afford these homes, leading to an increase in renters. The rising interest rates have led to a "lock-in" effect, complicating market dynamics. With more homes available and longer times on the market, the Las Vegas real estate market reveals signs of volatility as price cuts also increase.
According to the latest Realtor.com figures, a typical home in Las Vegas spent 47 days on the market, a 19% jump from February 2024.
They're all in, and it's just an average home in Vegas right now ... and they can't [pay] any bills," Martinez says. "That's why 43% of our residents in Las Vegas are renters, because that's what they can afford.
Much like in the rest of the U.S., the 'lock-in' effect is strong in Las Vegas, with homeowners reluctant to sell due to current low interest rates.
The median home price in Nevada's most populous metro in February reached $469,974, up 1.1% compared with a year ago, making last month the highest February in the data's history.
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