Greater Las Vegas Real Estate Market Update – January 2022

Current Las Vegas Market Individual Charts

Current Las Vegas Market Report

Market Overview

The 2021 residential resale market completed its hot run by breaking all previous annual closed sales records for resale residential properties. However, listings taken continued to drop along with the overall number of available listings. Demand remains stronger than current supply leaving the Greater Las Vegas market with less than one month of SFR inventory. Yet, over pricing jumped to 49% of available listings, thus in reality there is less than two weeks of marketable inventory!

2021 closings ended up 24% ahead of 2020 closings. Meanwhile the hi-rise and luxury markets another strong month with 104 and 141 closings respectively. That means that the luxury market more than doubled closed sales from 2020 to 2021 (825 closings in 2020 versus 1685 closings in 2021)! The median sales price of SFR closings improved again to $425,000 while the SFR average closed sales price pushed above the $500,000 mark once again to $507,123.

2021 – A Record Setting Year in Closed Sales

Availability of Homes Below $250,000

Resale properties below $250,000 (and even higher) are dwindling due to high demand and rapidly rising prices. These closings were still nearly a quarter of all closings last year at this time, but now only make up 14% of the November closings. These properties routinely close above appraisal prices which severely reduces the number of successful FHA loans in this price range. In fact, December closings were made up of an unusual number of creative and alternative financing transactions.

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