Las Vegas by the numbers! The market is changing.
Hello, I get asked this question all the time and I thought I'd post it for everyone.
The Las Vegas market Median Sale Price for SFR has come down from a high of $481k in May $450k in August and September.
The Number of Active SFR Listings went from a low of 3,892 in February to 10,703 in September.
The days on market (DOM) have increased as follows:
May 2022 7 DOM with a $499,900 Listed Price Median
Jun 2022 8 DOM with a $489,000 Listed Price Median
Jul 2022 12 DOM with a $469,958 Listed Price Median
Aug 2022 18 DOM with a $470,000 Listed Price Median
Sep 2022 26 DOM with a $465,000 Listed Price Median
The 7% interest rates are cooling the market and giving the advantage to investors that can afford to pay cash or have the income to get a loan at these rates. There are deals out there and will continue to be. As always, I suggest all investors run the BiggerPockets Calculators to see if the numbers work and also keep your options open to try out new strategies (house hack, rent by the room, STR, Mid-term rental, etc...)
Leave a reply if you have any questions or thoughts.
Best Wishes and Happy Investing!
