Housing Market Update - Las Vegas Real Estate
As of May 2023, the housing market has 1.6 months supply of available homes for sale. That means, if no new inventory comes in to the market, it would take 1.6 months for all of the currently supply to be sold.
The number of Single Family Homes sold in May is down by 20% compared to the prior month. We are down by 35% of new inventory from the prior month and median price has gone down by 8.3%.
It is clear that the Las Vegas and Henderson real estate market is facing challenges due to the current economic hardship our country is facing.