Las Vegas real estate has been on a wild ride for quite some time. Therefore, it may come as no surprise that there were many curveballs for Las Vegas real estate in May 2022.
Las Vegas real estate – rising or falling?
Las Vegas real estate is rising or falling depending upon how you look at it. Some segments have been rising faster than others. In the general Las Vegas real estate market, we see houses rising over 25% in the last year. However, we see Las Vegas condos rising nearly 40% in the last year.
Las Vegas real estate – what’s hot and what’s not?
It really depends upon the neighborhood and the market niche. Las Vegas real estate has been rising or falling depending upon a number of different factors. Las Vegas real estate has been affected by the rising interest rates. Where Las Vegas real estate buyers could find 2.8% loans in December, in May they saw some 5.5% loans.
Certainly you can say that in Las Vegas real estate the condominiums and townhomes may be the hottest niche. To appreciate nearly 40% in one year is quite a jump for any market. You can even see substantial differences between markets like Summerlin, Peccole Ranch, Queensridge, Rhodes Ranch or Mountains Edge. Let alone cities like Las Vegas or Henderson.
Where is the reality in realty?
One trend that has been seen lately is that sellers have not been able to demand outlandish prices for Las Vegas real estate like they could a year ago. Price reductions are much higher for May. With inventory rising and demand dropping, now may be the best time to sell for top dollar.
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