Even as Las Vegas finally starts to cool down, the real estate market keeps on heating up. Read below for Homie’s update.
In September, the real estate market saw growth on all fronts including # of listings, # units sold, and in terms of median listing and sales price. The market also saw month-over-month growth which might indicate that buyers and sellers are becoming more comfortable in the existing real estate market. Here’s the full breakdown:
According to the data from the GLVAR® from September 2020, Las Vegas real estate realized a whopping 18.9% increase in the number of single-family units sold compared to 2019.
Average new list prices stay strong year over year as September records a 9.3% increase in new listing prices for single-family units and a strong 13.6% increase for condo/townhouse units.
Property prices continued to grow as this seller market keeps on strong. We saw an 8.8% increase in year-over-year median price for single family units, and also a 14.3% increase in year-over-year median price for condos and townhouses.
Days on Market (DOM)
We saw the Average Cumulative Days on Market continue to decrease in September 2020, as demand for this market continues to go strong. Now averaging a short 45 days on market versus 81 Average Cumulative Days on Market in 2019. This is a strong indicator that the real estate market is making a recovery in Las Vegas as buyers and sellers are much more comfortable to buy and sell, fast!
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