2021 has shaped up to be quite an interesting year so far, with plenty of reason for optimism, still many issues and challenges to address, and a booming economy.
The housing market across the country has been exploding, with a distinct seller’s market and supply shortages that have left buyers with stiff competition, bidding wars, and head-scratching prices.
So, how has the real estate market fared in Las Vegas, Summerlin, and the Las Vegas region in the first half of 2021?
Let’s take a look at some key metrics of where we’ve been, where we are now – and what may come.
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A snapshot of the Las Vegas real estate market
As of July 2021, the median sale price in the greater Las Vegas area is $360,000 (over the last 30 days.)
That’s a monumental 20% increase since this time last year.
And if we look at just the sale of existing single-family-homes (not new construction or condos, etc.), the median sales price is now about $385,000, up 22% since this time last year.
Homes sell for $175/square foot on average over the last 30 days, which is a +14.8% increase since this time last year.
There have been 3,212 home sales over the last thirty days, which is a huge increase of +65.8% since this time last year.
A good number of homes get multiple offers, and homes sell for 1.2% above list price. 54% of all Las Vegas listings now sell for over asking price, and only 7.4% of sellers decide to drop the price of their listing, which is extremely low.
The average listing goes pending in 15 days, which is 66.7% faster than the median Days on Market this time last year.
The average Las Vegas homebuyer puts a 14.6% down payment on the purchase price.
The real estate market in Las Vegas mirrors our nation’s greater economic cycles more than other markets. Due to a prevalence of investors, out-of-state owners who purchase vacation homes or second homes in Las Vegas, and other seasonal trends, the foreclosure rate is high in Las Vegas, as well as the rate of vacant units, commercial properties, and homes.
Currently, about 53% of all housing units in the Las Vegas area are owner-occupied, significantly lower than the U.S. homeownership rate of 63.9%
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A snapshot of the Summerlin real estate market
Summerlin is considered a top-end community, carefully planned to deliver a high quality of life, safety, amenities, and services for residents.
Currently, the average sale price in Summerlin is $520,000 over the last 30 days.
That represents a huge +23.8% increase since this time last year.
Likewise, 404 homes sold in Summerlin last month, which is up a staggering +87.9% since this time last year.
Homes sell for $212/square foot on average over the last 30 days in Summerlin, which is a +8.2% increase over the previous year.
Some homes receive multiple offers if priced well and homes sell for an average of 101% over list price. About 50% of all listings do sell over list price!
The average listing goes pending in 15 days, but “hot” Summerlin homes sell faster and often see bidding wars.
The average Summerlin home buyer puts 25% of the purchase price down as a down payment, which is significantly higher than both the national average and the average for Las Vegas.
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Notes, impressions, and predictions
Much of the appeal for people moving to the Las Vegas area from California is the quality of life you can enjoy for far less. In fact, California’s real estate and rental prices are some of the highest in the nation, but transplants to Las Vegas can expect much more house for their dollars.
For instance, a look at single-family homes under $400,000 in Sacramento, for instance, yields only 111 listings currently for sale.
While in Las Vegas, that same search yields 645 listings, which, on average, appear to be much larger, nicer, and in better quality neighborhoods.
Needless to say, home prices are extremely favorable in Las Vegas, and you get so much more for your hard-earned dollars.
You’ll also save a lot of money on property taxes once you move to Las Vegas. In fact, Nevada’s property taxes are some of the lowest in the nation, with an average effective tax rate of just 0.69% – below the national average of 1.08%. In Las Vegas (Clark County), the average homeowner pays $1,763 in property taxes annually, compared to $1,720 in Nevada or an average of $2,700 across the United States.
Some of the most desirable neighborhoods and communities in the Las Vegas area include Summerlin and Henderson.
Summerlin ranks #1 in Nevada for Best Master Planned Communities, Best Neighborhoods in Las Vegas for Lifestyle, #1 for Best Communities in Nevada, #4 in the USA, and has been a top-10 Master Planned Community worldwide since 1995!
And Henderson ranks #1 for Safest City to Raise a Family by GoodCall, and #2 by Forbes.
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Questions about buying and selling in Las Vegas? Looking to sell in California and move to Las Vegas? Just contact me – I’d be happy to help!