Each month, the housing market is changing and it’s important to stay up to date on the latest information so you can make the best decision on when you would like to buy, sell or refinance. Here’s what’s new with the Las Vegas Real Estate market for October 2020.
*All stats are pulled from GLVAR reports and are subject to change on a daily basis as new listings come on the market and existing listings sell. Call us at 702-838-7700 if you are looking to buy or sell for the most current stats.
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A Look at the Housing Stats
3,225 single family homes sold in the Las Vegas market, that’s 1% less than last month and an 11% increase year over year.
The median price of homes sold is $340,200. Compared to October 2019, that’s a 11% increase year over year, as well as a 1% increase over last month.
There were 4,501 units available without offers at the end of the month. Last month, we had 6% less. Compared to last year, we have seen a 38% decrease.
There were 9,427 units available with offers at the end of the month. We have seen a 3% decrease compared to last month and a 16% decrease compared to last year.
A Look at the Condo & Townhome Market
In October 2020, there were 736 units sold. This is a 1% increase compared to September 2020 and a 10% increase over October 2019.
Condos and Townhomes sold at a median price of 186,500. Last month, we had a 5% higher median price. It has increased by 9% over 2019.
The available units without offers for October 2020 was 1,428. This is a 6% decrease compared to last month and a 21% decrease year over year.
The available units with offers was 2,572. Compared to last month, this decreased by 3%. Year over year, this is a 5% decrease.
What Does it Mean if You are Looking to Buy?
As predicted, interest rates have remained at significantly low rates (as they do every election year).
What does this mean? You can get more for your dollar! But if you want to take advantage of these rates, you’ll want to act fast before they go back up.
Browse the most recent homes for sale in Las Vegas below:
What Does it Mean if You are Looking to Sell?
This is the perfect time to sell – we are in a seller’s market! The inventory is low and so are the interest rates, which means that there are plenty of buyers out there looking to find the perfect home.
There’s a high sense of urgency for them to buy before the interest rates jump back up again (as they do after every major election). There’s significantly less competition when selling in this market, which means more chances for buyers to see YOUR home!
Home sales can take as early as 1 month or even several months to sell, so don’t wait until the middle of the year to get started. It’s currently prime time to sell.
Our goal is to get your home sold quickly for more money. Give us a call at 702-838-7700 to get started.
Homes for Sale
The homes for sale below are the newest homes on the market in Las Vegas.
Condos & Townhomes for Sale
The Las Vegas condos & townhomes listed below are the newest on the market.
Your Las Vegas Real Estate Team
If you have questions regarding the current market or are looking to buy, sell or refinance – we’re happy to help!
Give us a call at (702) 838-7700 or email at info@lasvegashomessold.com to get started.
