Thursday, February 29, 2024

Numbers game: an insider’s look at Las Vegas real estate

Las Vegas real estate broker Kimberly Smith goes inside the data to assess the state of homebuying in the city.

By Kimberly Smith

In November, there were 4,033 properties available for sale. In October, 1,742 properties were sold, and 686 were withdrawn from the market. Properties priced at $1 million or more totaled 606, while those between $500,000-$999,000 were 1,628. 

Properties in the $300,000-$499,000 range amount to 1,728, and those under $299,000 are only 46. Additionally, there are nine short sale properties and 31 bank-owned properties. 

The shortage of homes under $299,000 — where many first-time buyers and lower-income earners qualify — is evident. This scarcity can make it challenging for them to enter the real estate market. To address this, banks and new home builders are working to lower interest rates. There’s also a down payment assistance program offering $15,000 for qualifying buyers, but this assistance is running out quickly and won’t be available for much longer. 

These market dynamics highlight the challenges faced by those seeking affordable homes and the efforts being made to support homebuyers in a competitive market. If you or someone you know is interested in buying or selling real estate or would like to ask a question. Please give me a call! 

Homeownership is possible! I can be your Queen Of Real Estate! Call Kimberly Smith at (702) 291-7098 | www.kimberlysmith.realtor | NV.Lic. No. BS.146388

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