Southern Nevada Breaks Records in 2020
The Median Price for a single family home in Southern Nevada hits a record breaking $345,000 which is up 10.2% from the same time
last year. The Median Price for a condo is now $185,000 which is up 4.5% from the same time last year. Inventory levels are down 41.5% with only 4097 single family homes and condos available. This gives the valley a 1.3 months supply of homes. Inventory levels are expected to remain low until March, when the seasonal inventory increases should give buyers more options. Prices are expected to rise the first half of the year. The Las Vegas valley should have anywhere from 8000-10,000 homes for sale to be considered to have a balanced market. That would give Vegas a 6 month supply of homes and at that level home prices should see 2-3% appreciation, finally out of double digit territory.
If you've considered making a move, or if you have questions about real estate, the market, the value of home improvements you've added to your home or are considering adding, please do yourself a favor and call an expert. Each persons situation is unique. What may be good for one, may be completely wrong for another. Give me a call so you can get an expert advice on what your options are.
Call Jacob Mitro today 702-285-3444
LIfe Realty District