Las Vegas houses currently on the market have a median list price of $139,900 according to the Las Vegas single family market report issued by Nevada Title company. The report states that demand for Las Vegas homes is increasing at this time. The days on the market (149) are currently holding steady for residential real estate in Las Vegas. However, the conditions are mildly positive with more homes in Las Vegas coming on the market.
Supply and Demand:
Las Vegas homes for sale have been outpacing the inventory of new Las Vegas MLS listings for the past few weeks. Due to the fact that we are in a Buyer’s market at this time prices are not yet moving higher. The excess inventory of homes for sale in Las Vegas will need to be consumed in order for this to happen. As the supply and the demand trend continues in this direction we are likely to see a rise in the prices of Vegas real estate.
In January of 2007 the Las Vegas single family home had a median list price above $350,000. For the last 12 months residential Las Vegas properties have been on a plateau hovering around the $140,000 mark.
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Bob and Jackie Simmons
The Realty One Group