The 2018 Las Vegas housing market is gearing up for another year of record numbers. With shrinking supply, and increasing demand, prices are on the rise. Las Vegas has previously been known for it’s good times. More recently, word has been spreading about how great Las Vegas is to live, work, and play with it’s affordable housing, extensive indoor and outdoor activities, and business opportunities. Did I forget to mention Las Vegas has no state income tax, making it appealing to families and businesses alike.
Although the number of homes on the market decreased, January residential sales saw an increase in median list price by 11.3% from the previous year. The condo and townhouse market saw increases of 32.1% since this time last year. This dip in the number of homes on the market in January is said to be normal. January is typically one of the slowest months for real estate.
Houses continue to move at a rapid pace, with 58.6% of homes on the market for under 30 days. The condo and townhouse market is experiencing the same with 65.5% of units having offers in under 30 days.
Total single family residential sales for January was $696,763,819, up 19.6% from January of 2017. Condo and townhouse sales came in at $87,313,226, up 26.6% from the same time last year.