Las Vegas Real Estate Market Report – April 2022
The Las Vegas Real Estate Market Report for April 2022 is continuing to show the signs predicted here before. We see a big shift occurring in many regions of the Las Vegas valley. Activity remains constant across all areas of Las Vegas. Whether it is Spanish Trails, Southern Highlands or Cottonwood Terrace. We notice it in areas such as Peccole Ranch, Summerlin, Rhodes Ranch, Mountains Edge, and Henderson. Perhaps most surprising are the condominiums in Las Vegas and Henderson. From gated communities to homes with golf course views. Even homes near the soon to be built Durango Station.
Rising Interest Rates
Month by month, interest rates keep rising. While rates were as low as 2.8% in December, now most are over 5%. Therefore, buyers looking to purchase in Las Vegas frenzied to get a home in April before rates went even higher. With California sales slowing in many markets, the number of new buyers coming to Las Vegas decreased slightly. This also helped to create a segmented market surge in Las Vegas real estate. With many buyers priced out of houses, condominium prices are surging in Las Vegas and Henderson.
Las Vegas Condo Boom
Now that buyers are seeing Las Vegas median prices rise above the national average, the condominium market is starting to boom. Ending in April 2022, Las Vegas condos rose over 35% in the last year. This trend figures to continue as more folks can afford a median price of only $275,000.
Going into May, the Las Vegas real estate market report for April 2022 still shows one thing. Buyer demand is still high. Interest rates may go up another 1% to 1.5%, so buyers are taking homes today. Sellers may never find a better price for their home.
Las Vegas Real Estate Market Report – April 2022
Here is a brief video explaining the details in the Las Vegas real estate market report for April 2022:
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