The Las Vegas Real Estate Market Report for March 2022 is quite eye opening. The real estate market for Las Vegas took several new twists in March 2022. With prices and sales surging, new trends developed in Las Vegas real estate.
Rising Interest Rates
Even prior to the Fed raising rates, home mortgage rates were on the rise. Thus, buyers wanting Las Vegas real estate rushed to get a home in March before rates went even higher. While the number of sales in California is slowing down, the number of sales in Las Vegas real estate market rose sharply. This also helped to create a segmented market surge in Las Vegas real estate.
In just the first 3 months of 2022, interest rates have risen so many buyers pay 15% higher payments than they would have in December. Now that the Las Vegas real estate market has risen above the nation’s median sales price, that is a consideration.
Las Vegas Values
With homes rising over 25% in the Las Vegas real estate market ending in March 2022, a new hot market has shown itself. Latest figures show the in Las Vegas real estate, condominiums and townhouses were the best buy in the last year. Ending in March 2022, Las Vegas condos rose nearly 40% in the last year. Folks selling a house last year to buy a condo made the best move in Las Vegas real estate.
Going into April, the Las Vegas real estate market report for March 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 – March 2022
Here is a brief video explaining the details in the Las Vegas real estate market report for March 2022:
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