The Las Vegas housing market is trending up since August, with single-family home sales up and prices higher from last year.

According to Las Vegas Realtors, the median sales price of a single-family home is still at $405,000, the same as the previous month. Condo price is also up by 2.1%, with a 1.7%
increase in units sold. The current market trend provides an indicator, which predicts that prices will continue to rise in the next few months.

Out-of-state buyers and most first-time buyers acquire properties in Las Vegas to relocate and settle, triggering sellers to jump into the sales trend. This heavy demand pressured the existing inventory and drove prices up.

Rental market rates are now skyrocketing within the Las Vegas valley. The rates force many families to rent between $1.25 – $1.50/sq ft, which is now considered an exceptional gain and good news for investors compared to a few years ago. Investors are looking forward to entering the market, and rental rates are a good base ground for the decision as it allows higher returns.

It may be tempting to sell a property with how high the real estate market prices are today, but sellers should also consider rental rates. Nevada’s real estate market is continuously surprising investors today and has proved itself resilient even during
the pandemic.