November 2017 Las Vegas Market Update

November Las Vegas area real estate showed signs of the seasonal cooling we see every holiday season.  Although the market is following a predictable seasonal slow-down when compared to the rest of 2017, when we compare the market to previous years, we are seeing strong signs of sustainable growth.

Number of homes sold
November 2015; 4,665
November 2016; 5,475
November 2017; 5,534

Average sale price
November 2015; $231,238
November 2016; $240,812
November 2017; $268,525

National real estate pundits had predicted that 2017 would see the emergence of the Millennials as first-time home buyers. We aren’t seeing quite the number of buyers that this age group has the potential of providing, but we ARE seeing a good number of first-time home buyers entering the market. Despite the slower-than-anticipated increase of first-time home buyers, we are seeing strong demand for Las Vegas area real estate as is evidenced by the steadily increasing average home prices.