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Las Vegas Housing Market Update January 2021
Dated: February 10 2021
Housing Market Recovery Index (from Reator.com) stayed above its pre-pandemic baseline, all measures, except new listings, growing faster than a year ago. They see the housing market “in position for further growth this spring.”
Home seller profits went up in more than 90% of the markets evaluated, and both profits and ROI have now grown nationwide nine years in a row. Yet people are staying in their homes longer—average tenure hit 8.33 years in Q4 of 2020.
Las Vegas Market
The Median Sales Price increased 13.1% to $345,000 for Single Family homes in Las Vegas and 10.4% to $193,250 for Townhouse/Condo homes. Days on Market decreased 27.5 percent for Single Family homes and 20.7 percent for Townhouse/Condo homes.
Months Supply of Inventory decreased 56% for Single Family homes and 44.8% for Townhouse/Condo homes.
January started off strong for the housing market, with healthy buyer demand and strong market fundamentals. A robust increase in housing starts in December points to an active year for new construction, but higher material costs, especially lumber, and a limited supply of buildable lots will temper the number of new units.
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