Increases in price, inventory lead to $7B in homes for sale – Washington Examiner
The Las vegas housing market is currently facing a significant affordability crisis, with over $7 billion in home value available for sale. A new report from Redfin indicates that the median home price in the Las Vegas metro area is approximately $448,000,which,even though down from its January high,represents a steep increase of over 106% from ten years ago.This situation is compounded by many years of underbuilding in the area,resulting in a shortage of available homes.
George Kiprios, president of the Vegas Realtors Association, notes that while high prices remain a concern for many potential buyers, increased inventory offers some hope. homes are spending longer on the market, with sellers possibly lowering their asking prices due to this shift. Additionally, NevadaS goverment is taking steps to address the housing shortage by signing a major housing bill aimed at expediting construction and promoting affordable housing projects. the current $7 billion worth of homes provides both opportunities and challenges for buyers and sellers in the Las Vegas market.
Increases in price, inventory lead to $7B in homes for sale
(The Center Square) — Amidst a housing affordability crisis, Las Vegas reportedly has over $7 billion in home value on the market.
Redfin’s new report spelled out a record total value for the city’s real estate market.
“What I think has happened, we have very high prices,” said George Kiprios, president of the Vegas Realtors Association. “Our market is doing well, and the home prices are high. Inventory has grown, not a ton, but it has grown. When you combine higher home prices with more inventory, that’s how they got there.”
The median Las Vegas metro home price is currently $448,000, down $5,000 from a January high, but up over 106% from $217,000 just 10 years ago.
Las Vegas developers, meanwhile, have underbuilt homes over the last 15 years, according to a study by the University of Nevada at Las Vegas’ Lied Center for Real Estate. Researchers found that if construction rates had remained at pre-Great Recession rates, there would have been over 280,000 additional housing units in the area.
“Everybody’s looking for houses that are more affordable,” Kiprios told The Center Square. “I think there are lots of folks that want to buy that can’t afford the price.”
Despite the high prices, the Las Vegas housing market has shown some recent promise for buyers. Across the last year, sales have spent an average of 11 more days on the market, up to 46 days. Kiprios said sellers can get anxious and lower their asking prices when sales take longer.
While the Las Vegas real estate market may be at a near-record high to purchase a home, there are also many homes currently on the market, which gives buyers leverage to walk away from a bad deal, driving down prices across the board.
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At the same time, Nevada Gov. Joe Lombardo has just signed the major housing bill he introduced for the 2025 session, worth over $180 million. The bill, AB 540, is designed to help speed up the building process and incentivize affordable housing projects.
Ultimately, Kiprios said, the $7 billion on the Las Vegas housing market can be read in multiple ways. Both potential buyers and sellers should be aware of the number, but both also have something to celebrate in its announcement, he said. For sellers, homes are being sold near an all time high, while buyers can relax, knowing they have options on the market.
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