It feels like we are saying the same thing every month! The Las Vegas Real Estate market once again set a record high median sales price in February 2022 – $450,000 for single family houses. This is up $95,000 from February 2021.
Our advice to those who don’t currently own – now is the time to buy. The real estate market is like a train. It’s moving forward – with or without you. Don’t get caught standing on the station waiting for prices to drop.
For those that say the increase in prices is “fake” are unfortunately mistaken. Over 28% of the houses sold in February 2022 were paid for in cash. It is much harder to spend one’s own money than it is spending a bank’s money. People spend their cash when they see value. While it may not be what anyone wants to hear, the fact remains that prices for houses in Las Vegas are going up. We don’t see any changes on the horizon that are going to cause that trend to change.
If we look at our neighbor to the west, Las Vegas is where Los Angeles was in 2014. Median prices in Los Angeles went from $464k at the end of 2014 to $848k at the end of 2021. Prices go up when there is demand for housing.
There are very few things that can help us accumulate wealth. Apart from winning the lottery, housing is one of the main ways we build wealth. Our team is here to help you build wealth through real estate.
Call or text today at 702-843-6733 to chat how you can take advantage of the historically low interest rates to get into this amazing market!!Current Market Stats