Predictions for the real estate market in 2022 with Las Vegas Real Estate Now Weather Alert 2 MORE ALERTS Wind Advisory: Esmeralda and Central Nye County, Lake Mead National Recreation Area, Las Vegas Valley, Northeast Clark County, Northeastern Nye County, Sheep Range, Southern Clark County, Spring Mountains-Red Rock Canyon, Western Clark However, when you look at the market and what the facts are, you see a different picture entirely. A total of 6,533 homes sold in the third quarter, which was a drop of 39.8% compared to the same period a year ago, and 30.2% lower than in the second quarter of this year. Between 2021 Q2 - 2022 Q2, the Las Vegas appreciation rate was about 22.29%. The 2022 Las Vegas real estate market forecast will be heavily influenced by rising interest rates. Interestingly, I had suggested in early 2020 the pandemic would actually accelerate the housing market and so it did. At the same time, the FED is aware of the mortgage markets susceptibility to interest-rate induced slowdowns and given the amount of wealth invested in the housing market theyre likely to be cautious. Ready to start investing in the Las Vegas real estate property? July 14, 2022 01:00 AM So much talk is going on. Sure, a renter can go elsewhere, but what security is that? And I do not believe affordability is a major issue at this time. Nevada immediately calls to mind the bustling casinos, showstopping musical revues, and walk-in wedding chapels that line the neon-lit Las Vegas Strip. Zillow's research team also issued a positive forecast for the Las Vegas real estate market, extending into 2022. Vivek Sah. 0. Eligible buyers get cash back with Clever! In total, over 63,000 properties were . ActiveRain, Inc. takes no responsibility for the content in these profiles, Todd Miller. I would trust what you say about the market in Las Vegas, you are definitely the go-to agent there! Each month, we compare locations in Nevada based on a different criteria. Since the Fed is seeing record inflation in items like groceries, gasoline and more. The Fed may raise interest rates by another 750 to 1,000 basis points. Market Trends There were 2,907 single-family houses that sold in May, down 3.1% from April and down 8.8% from May 2021. While 2021 saw record pricing during 10 of 12 months (single family), I expect much of the price appreciation in 2022 will occur in the first half of the year before stabilizing in Q4 and ending up another 12-15% year-over-year. Specifically, I forecast annual. While that may be the case for the state as a whole, each city and town is different, so its still best to consult with a local real estate agent before making any decision. In this issue we will be going over May 2022 numbers. In addition to these generational phenomena happening among the Las Vegas population, it is also true that Las Vegas remains an in-migration destination. . Supply Trends: Inventory in the Las Vegas real estate market has been tight for the better part of a decade, and the end of 2022 is no exception. 8 Definitive Steps to Buying a House in Nevada, Everything You Need to Know About Moving to Nevada, Top 5 Best Real Estate Investment Markets in Nevada, The Ultimate Guide to Flipping Houses in Nevada, A Beginner's Guide to Buying an Apartment Building, Department of Business and Industry - Nevada Real Estate Division, Nevada's real estate license verification, Nevada's real estate agent code of conduct, Home buying assistance programs in Nevada. These are the counties that ranked the worst in the state. Similarly with baby boomers. It's no surprise if you're looking here because you're just looking to take a break in life, to relax a little bit, to not have this extreme burden of taxation. Assuming a fixed-rate mortgage, one knows month-to-month, year-to-year what their housing payment will be. Rents are coming down in Las Vegas. While its easy to think of renting as providing flexibility, in truth, the landlord is the one with flexibility they can increase rents and they can even terminate the lease. Here's what experts project for 2022. Nevada Housing Market Update for September 2021 Summary of Findings The Las Vegas metropolitan area and Laughlin saw the most robust growth in single-family home prices of any major region in Nevada as prices increased 19.6 percent year over year in both regions. In addition to the ongoing very limited inventory of homes for sale, several factors underly my forecasts for 2022. The group predicted that the median home value for this metro area would "rise 10.5% in the next year." This prediction extends into April of 2022. Specifically, I forecast annual volume to increase 12-15 percent, to yet new records. Las Vegas, NV, Summary. With somewhere in the neighborhood of 12,104 active listings, Las Vegas has about five months of inventory; that means if the current sales pace continues, inventory would last 22 weeks. You are right there is lots of fear and anxiety but moving into the third quarter its important to watch Inventory, Interest rates, Inflation and use some Ingenuity when planning out your strategies! The median was around $320,000 when this page was last updated, in mid-April 2021. Your videos are rocking it! Before the pandemic, few would have . Great video, Rocky, and some good information. Days-on-market dropped across the board compared to a year ago, but rose in Aliante, The Lakes/Section 10, Southeast and Southwest Las . Already this year, we have seen interest rates rise by 1%. As we welcome the new year, some people throw confetti, some people sing confusing songs, and I write my plans and forecasts. Find out how much you can save with Clever today! This builds on the record-breaking volume of 2021. Justin serves on the Las Vegas area US Naval Academy Alumni Association board of directors and as a Blue and Gold Officer (USNA Admissions Office liaison) in the Las Vegas area. Find NV real estate agents Bill. Find out why Las Vegas is the #1 search for ci. Sin City has a brunch restaurant to suit everyone's taste preferences, whether you're in the mood for a pancake breakfast or all-you-can-drink cocktails. As Ive noted in some of my videos (https://YouTube.com/ChongMillerGroup), housing price affordability is better now than it had been in 2006 (when Las Vegas was last talking about record housing prices). With that said, here's my real estate market forecast. Of those on the market over 1,600 had price reductions. Supply-constraint induced inflation has been visible throughout 2021 and is likely to continue. The typical rental rate of a Las Vegas-area home soared nearly 23 percent year over year in July to $1,662, compared with a roughly 9 percent jump nationally to $1,843, listing site Zillow. 3110 Castlewood Dr, Las Vegas, NV 89102 INNOVATION REALTY, Clint Whiting $284,900 3 bds 3 ba 1,365 sqft - Townhouse for sale Price cut: $15,000 (Nov 3) Listing provided by GLVAR 4421 Ash Ave, Las Vegas, NV 89110 OPENDOOR BROKERAGE LLC, Kaysha Rice $340,000 3 bds 2 ba 1,477 sqft - House for sale 3D Tour Listing provided by GLVAR On average, Clever sellers save $9,000 on commission!Our agent matching service is 100% free with zero obligation. If you continue to use this site we will assume that you are happy with it. It is time for another Las Vegas real estate market forecast for 2022. on ActiveRain. Are you sure you want to report this blog entry as spam? An update to the Las Vegas real estate market for August 2022. Real Estate Highlights in Las Vegas, NV Las Vegas, NV Housing Market The median listing home price in Las Vegas, NV was $450K in August 2022, trending up 18.4% year-over-year.. When one purchases a house, one owns an appreciating asset at a fixed cost. Price. Nevada Home Sales. 2022 Clever Real Estate. New. It has since cooled as more inventory is being listed and prices decline. What's the reason you're reporting this blog entry? If they FED takes more aggressive action, they could raise rates faster and higher. For more information, EMAIL MEAnd see my latest information at: CLICK HERE to see what your home is worthCLICK HERE to search for Las Vegas area homes. To know all your options, work with a top real estate agent near you. List with the best agents in your area for just $3,000 or 1%. Las Vegas NV. 7015 homes were sold in Las Vegas, NV in September 2022 . Zillow Economic Research predicts that annual home value growth will rise to 13.5% in mid-2021 and that home values by the end of 2021 will increase 10.5% from their current levels. Its dry, desert climate is ideal for those looking to escape humid summers. Harvard Pandemic Housing Article While I think current inflationary forces are transitory, I also strongly believe over the next 30 years inflation is likely to average more than 3% per year. Las Vegas Rental Statistics # 2 Green Valley Ranch: Green Valley Ranch, Henderson 89012 Market rent - $2150/mo Market value - $450k Las Vegas Rental Market Statistics Example # 3 Red Rock Country Club (guard gated) Summerlin South 89135 Market Value - $1,200,000 Market rent - $5500/mo Low Property Taxes Principal, Co-Founder Chong Miller Group, LLC. In 2021, I was among the top 100 Realtors in the Las Vegas Valley (of more than 18,000). Join Clevers network. Buyers and Sellers in Vegas should check in with you before listing and selling property. So much talk is going on. But the spill-over effects of the pandemic, as seen in supply-chain constraints are real. What's the reason you're reporting this blog entry? Find out how much you can save with Clever today! Well done. This figure puts it in the top 10% nationally for real estate appreciation. While this is true every year, in a market with rapidly escalating rents, this issue becomes more cognitively compelling. The Las Vegas real estate market will be a great place to invest in real estate in 2021 based on these trends. And you can add the buoyant housing market to the bizarre year. Average Sales Price 2022 . The local market recovered after the 2008 crisis hit the Spanish real estate sector and it continued to strengthen despite the pandemic. To view or add a comment, sign in. 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