Understanding housing market trends is a key part of finding the best time to sell or buy a home, no matter where you live in the country. Housing trends can vary on regional, state, and local levels, so finding data for your specific neighborhood is vital.
If you’re considering buying or selling a home in Las Vegas within the next year, this guide will walk you through general home value trends in the city, and make recommendations on the best time to buy or sell a home.
Real estate markets fluctuate seasonally, but some can experience changes more often. That’s we recommend that any buyer or seller hoping to make smart real estate decisions partner with a top-rated real estate agent. Agents understand the ins and outs of local markets and can help you make more educated financial decisions.
2019 Home Value Trends for Top 5 Neighborhoods in Las Vegas
Las Vegas as a whole is experiencing a cold housing market, which means the market is favoring buyers over sellers. Home values have increased by 9.4% overall over the past 12 months (as of June 2019) to $275,500 and are projected to increase by another 3.4% over the next 12.
Let’s look at five popular neighborhoods to learn more about specific trends and predictions so you can better plan your real estate decisions.
1. The Lakes
Considering most of the city is favoring buyers, The Lakes neighborhood is one place where sellers have a better chance of selling for listing price. That’s because The Lakes is in a cool market, with a fairly even chance of benefiting buyers or sellers (though buyers still have more of an advantage). Home values are at $343,400, having increased by 6.6.% over the last 12 months, and are expected to continue increasing by another 1.3% over the next 12 months.
Buffalo follows suit with the city’s average, sitting in a cold market that favors buyers. Over the past 12 months, home values have increased by 7.5% to $322,500. They’re expected to continue increasing by 2.5% over the next 12 months, but the demand for buyers is much lower in this neighborhood, with homes sitting on the market for an average of 110 days.
3. Spring Valley
This is another Las Vegas neighborhood that’s experiencing a more balanced market. While the market is cool, home values are also increasing, with the current value set at $276,500, and are anticipated to rise by another 2.3% over the next 12 months. Homes sit on the market an average of 71 days, which is closer to the general two month time frame it takes to sell a home.
4. Angel Park Lindell
Angel Park Lindell also has better chances of selling a home for a fair price, though its cool market is still favoring buyers. Home values have increased by 11.2% over the past 12 months, reaching $242,400, and are projected to rise by another 4.3% over the next 12 months. While values are up, current listing prices are below market value, clocking in at $214,200.
5. Michael Way
Michael Way is one of the best Las Vegas neighborhoods for selling a home, though the market is still considered cool and is an excellent place to buy. Average home values have increased by an incredible 15.6% over the past year to $230,100 and are anticipated to increase by another 7.1% over the next year. Median listing prices are just barely under median home values at $225,975 and homes sell quickly, averaging 61 days on Zillow.
The Best Time to Buy a Home in Las Vegas
When buying a home in Las Vegas, it’s important to look at recent housing trends to determine when prices might peak or sink, due to market demands. Since Las Vegas is experiencing a cold market, now is the perfect time to buy a home. However, the data is a little more complex if you want to ensure you purchase your home for the best price.
While most of the country experiences lowest buying prices in the winter, in Las Vegas, experts recommend buying in the fall to purchase for the best price. On average, home buyers in Las Vegas can save as much as 2.6% by purchasing a home in October. Buyer should also expect a fairly swift buying process, since homes sit on the market for an average of 71 days.
It’s important to check in with your agent to better time your purchase. Since some Las Vegas neighborhoods, like Michael Way seem to be appreciating at an alarming rate, the market could swing into a seller’s market by fall. Your agent can help you make the best decision for your budget.
The Best Time to Sell a Home in Las Vegas
Don’t be discouraged if you’re looking to sell a home in Las Vegas. While the market is geared towards buyers, it can heat up at any moment. With appreciation values skyrocketing throughout the city, it’s only a matter of time before the market catches up.
In fact, according to Zillow, while the market is cold, homes are still selling for close to list price/home value. Right now the average home value in the city is $275,500, and while homes are being listed for an average of $299,900, they’re selling for an average price of $264,100, just below average home values.
In the U.S., it’s often recommended that sellers list their homes in late spring to receive the best price. That’s because buyer competition is highest in the spring (on average) and often leads to better profits for sellers.
In Las Vegas, however, that may not be the best advice. Some experts recommended placing homes on the market in late winter, while others argue that summer is the best season for home sales in Sin City. An estimated 5,000 people move into Las Vegas in the summer, so placing your home on the market in early summer, before prices dip in October, is the best strategy.
Sellers should check in with their agents before deciding on a date to list, since the trends in their particular neighborhood could differ from this data.
How to Find the Perfect Las Vegas Real Estate Agent
To save money when buying or maximize your profit when selling, it’s recommended that you partner with a talented, local agent. Real estate agents understand the intricacies of local markets, and can help you better predict where the housing market is headed in your local Las Vegas neighborhood.
Real estate agents are free for buyers, since the seller is responsible for the buyer’s agent commission fees. Agents can help buyers with financing questions, assist buyers in searching for homes that meet their specific criteria, show qualifying homes, and help buyers navigate through all paperwork and buying steps, all the way through closing.
Sellers benefit from an agent by having them help determine the best listing price for their home and help stage, market, and list their home. A real estate agent will help set up home showings and open houses and help negotiate offers on the seller’s behalf. In addition, your agent can help you find a new home, while also selling your current home.
Clever helps buyers and sellers get the most out of their real estate experience by connecting them with top rated local agents known as Clever Partner Agents. Partner Agents have a wealth of experience and can help streamline the real estate process.
Clever Partner Agents help buyers find a home fast by offering on-demand showings. They also help buyers save money by offering home buyer rebates in the form of $1,000 or up to 1% for homes that sell over $500,000. Sellers benefit by paying Clever Partner Agents reduced listing commission of only $3,000 (or 1% for homes over $350,000), versus the traditional 3% listing charge.
Home buyers can find out more about how to find your dream home and receive a home buyer rebate with Clever.
Home sellers can learn more about reduced commission fees by partnering with a Clever Partner Agent here.