How's the market Las Vegas?

The median price for houses in Las Vegas was $300,000. It went up 3.8% from last year. We are starting to see more inventory come to market over the last few months. This, paired with patient buyers who are willing to wait to find the right homes, is creating a natural environment for price growth to slow. 

We still find zip code markets with price appreciation above the "normal" 6%. However, the number of zip codes with lower and negative appreciation increased comparing to last year. 

5 zip codes with highest appreciation rate: 
89005 - 20%
89122 - 19%
89115 - 17%
89131 - 14%
89074 - 13%
89110 - 12%

5 zip codes with depreciated prices: 
89156 - (-11)%
89106 - (-7)%
89169 - (-4)%
89145 - (-3)%
89123 - (-3)%
89144 - (-1)%

As the housing market moves closer to a “normal market” with more inventory for buyers to choose from, home prices will start to appreciate at a more “normal” level, and that’s ok! Additional inventory will be a good thing to create better balanced market where sellers want to sell and have options of where to move next. If you are curious about your house value, get your free home estimate here. 

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