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Las Vegas Market Update October 2020

Las Vegas area real estate appears to be easing into the holiday lull. We saw a slight decrease in the number of homes sold between September and October, which is absolutely normal when looking at data over several years. The average sale price has edged upward, however, indicating that buyer interest this holiday season is still keen. In fact, the average sale price for October at $338,049 is a five year high.

Despite the challenges of the COVID-19 pandemic and the accompanying social uncertainty, the Las Vegas real estate market has shown robust growth. A good portion of the enthusiasm we are seeing among buyers is due to extremely attractive mortgage rates that are not likely to change dramatically any time soon. Although this is a boon to home buyers as far as interest rates go, the benefit of such low rates is getting eaten up by increasing prices. If you are in the market for a home, contact us and let us show you how we can help you get your dream home in our competitive market!

Information is deemed reliable but not guaranteed.

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