What happened in the Las Vegas real estate market in February 2023?

The local Las Vegas housing market is much more balanced now than it has been in recent years.  Instead of sellers having full advantage, buyers are now in a better position, since prices have stabilized and we have more homes on the market. We’ve seen two straight months of stable home prices.  It was encouraging to see sales increase from January to February, while new listings continue to decline. Even with mortgage interest rates reaching 7% recently, this shows a strong underlying interest in owning a home here in Las Vegas.

Median Home Price

$424,995 -5.6% from February 2022

Homes Sold

1,722 -31.5% from February 2022

Homes Without Offers

4,665 +167.9% from February 2022

Homes Sold Within 30 Days

41.1% -35.7% from February 2022