• Market Dynamics: As of early 2024, Las Vegas home prices have seen a steady increase, with the median sale price at approximately $404,967. This represents a growth of about 3.9% over the past year.
• Inventory Levels: The inventory of homes for sale is notably low, with about 7,590 properties listed for sale as of the end of March 2024. This low inventory contributes to a competitive market.
• Sales Activity: Homes are selling relatively quickly, typically going to pending status within 19 days of listing.
• Price Negotiations: About 18.9% of homes sell for more than their list price, indicating some bidding wars due to the low inventory.
• Interest Rates: The housing market is also influenced by current interest rates which, while high, have stabilized, making now a potential time to buy before any further increases.

For potential buyers, this market situation means navigating a competitive environment where homes sell quickly, often above the asking price. However, the relatively stable interest rates provide a window of opportunity for securing a home at current prices.

For a more detailed look at the Las Vegas housing market, you can explore resources such as Redfin and Zillow. These platforms provide comprehensive and up-to-date market insights that can help you make informed decisions.

Home Buyers in Henderson | The Henderson Real Estate Market

• Market Overview: Homes in Henderson are selling after about 44 days on the market, showing it’s a fairly active market. The market balance means neither buyers nor sellers are at a significant advantage.
• Recent Price Trends: The average selling price for homes has risen to around $483,000, a significant increase of 11% from last year.
• Desirable Neighborhoods: Popular areas in Henderson include Green Valley North, Green Valley South, and Anthem. These areas offer a mix of affordable and luxury housing options.
• Inventory Status: The supply of homes is good, but because homes sell fairly quickly, you should be prepared to make decisions swiftly.
• Economic Influences: The steady influx of people moving from cities like Los Angeles and San Francisco continues to drive demand and prices. Henderson is favored for its quality of life and more reasonable prices compared to nearby areas.

For a more detailed look at what to expect if you’re buying in Henderson, check out resources like Redfin’s Henderson Housing Market page and Realtor.com’s Henderson insights. These sources provide detailed data and updates on the housing market.

Summer Real Estate Market

If you’re considering buying a home in Summerlin, Las Vegas, here are some key points to help guide your expectations and understanding of the current market:

• Competitive Market: The real estate market in Summerlin is somewhat competitive. Homes tend to sell for about 1-3% below the list price on average, with properties typically going under contract within about 35 to 64 days.
• Sale Prices: The median sale price in the Summerlin area is around $598,000, which has seen a slight increase of 1.3% over the past year. Some homes, particularly more luxurious properties, have been known to sell for significantly above the median price.
• Inventory Trends: While the market is competitive, there has been an increase in inventory recently, giving potential buyers more options to choose from. However, homes still sell relatively quickly, suggesting strong demand.
• Environmental Risks: Buyers should be aware of the natural risks associated with the area. There is a major risk of wildfires affecting the properties in Summerlin, with a significant percentage of homes at risk over the next 30 years. Additionally, there’s a minor risk of flooding and a notable risk of severe heat effects due to rising temperatures.
• Schools: For families, the local schools in Summerlin are highly rated, with several elementary schools achieving top scores from GreatSchools. This could be a significant factor in deciding where to purchase a home within the community.

Spring 2024 Should Bring Lower Interest Rates, and Increased Sales

In 2024, the Nevada housing market will be a terrific market for sellers. (And buyers, too!) Home prices in Nevada are rising and will continue to rise until the supply-demand dynamic changes. The number of houses for sale in NV was only 4,000 in September 2023. There is very limited inventory to satiate the demand from house hunters. This also makes it the best time to sell a house in Nevada. In fact, after the mortgage rate plummeted from a two-decade-high rate of 8% to 7.35% in November, new listings rose. This shows that those who refused to sell due to mortgage rate lock are finally acclimatizing to 7% rates. Come Spring 2024, more homeowners will follow suit and list properties on Nevada MLS. As home listings in Nevada increase, home shoppers hugging the sidelines will also return. In fact, the recent uptick in mortgage applications shows that buyers are returning. House hunters who could not find affordable homes in 2023 will also see an uptick. The market should accommodate both sellers and buys

Henderson Home Buyer Programs

1. Home is Possible Program: This program offers down payment assistance of up to $15,000 for first-time homebuyers in Nevada. The program also provides a 30-year fixed-rate mortgage and allows a purchase price up to $570,000. To be eligible, you must have a minimum credit score of 640 and complete a homebuyer education course. For more information, visit the Nevada Housing Division website.
2. Nevada Housing Division: This agency offers several homeownership programs that bundle down payment assistance with a 30-year fixed-rate loan. The programs are available to low- and middle-income first-time and repeat buyers, including veterans. For more information, visit the SoFi website.
3. 9 First-time Henderson home buyer loans and programs: This program offers several national programs, grants, and loans for first-time homebuyers that can get you into a place of your own without a 20% down payment or an 800+ credit score. For more information, visit the Las Vegas Real Estate website.

Please note that eligibility requirements and program details may vary. It’s best to contact the respective program providers for more information.