Greater Las Vegas Real Estate Market Update – July 2021

Inventory Slowly Improving

Current Las Vegas Market Individual Charts

Current Las Vegas Market Report

Market Overview

The 2021 residential resale market momentum kicked into high gear the last week of June, and with the year-to-date results in – we are sitting at 48% ahead of 2020 closings. Meanwhile the hi-rise and luxury markets continue to show tremendous strength with 128 and 169 closings respectively. The median sales price of SFR closings jumped to $395,000 for another 2.6% increase. The SFR average closed sales price of $495,672 represents a 2.4% increase in the average sales price and again is a testimony to the strength of the high end of this market.

June closings began strongly enough but experienced a very soft third week of closings followed by a strong sprint to the end of the month. Resales closings below $250,000 continue to shrink and make up only 18% of all closings while the $400-700K price point has rapidly grown to 31% of all resale closings. Inventory continues to increase steadily even as the median and average sales prices continue to soar to new levels. Of course the shrinkage of lower end closings coupled with the extraordinary demand and success of the market at $400K and above are pulling the median sales price higher each month – for now. Conventional loan financing improved as FHA continues to enjoy a smaller footprint in this market.

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