Las Vegas Homes For Sale - Epic Fail!

Las Vegas Homes For Sale - Epic Fail! Recent compounding inflation has severely crushed the purchasing power of millions of Americans, particularly when it comes to buying a home. In popular cities like Las Vegas, where home prices had recently skyrocketed, the market is now seeing a shift. The amount of Las Vegas homes for sale is steadily growing as there are now nearly 6,000 total Las Vegas homes for sale. This is a 65% increase in Las Vegas housing inventory over the last six months. The median home price now stands at $476,000, down slightly from the peak in August but up nearly 7% year over year. Regardless if it's new Las Vegas homes or resale homes, many sellers are now reducing prices to attract buyers, as the demand is not what it once was. While many of the current Las Vegas homes for sale have been marginally reduced in price, it still equates to nearly eight times the average income in Las Vegas which stands at just $62,000 per year. Popular real websites like Zillow highlight examples of Las Vegas homes for sale that are now being listed with significant price cuts as less buyers qualify and demand diminishes. As the market cools, more Las Vegas homes for sale are becoming slightly more affordable. Still, the rapid rise in prices compared to average household income feels like an epic fail for those trying to buy. With inventory growing, Las Vegas homes for sale continue to face downward price adjustments, offering some hope for future buyers. However, Las Vegas homes for sale remain a challenge for those seeking affordability in this volatile market. If you are thinking of buying a home, especially any of the growing number of Las Vegas homes for sale, exercising patience or making a lower than asking price offer are options to potentially consider at this time.

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Jerry Abbott
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Summit Properties
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[lasvegasliving]

Recent compounding inflation has severely crushed purchasing power, especially for those looking to buy a home. As inflation reduces affordability, the number of home buyers has decreased, causing the real estate market to slow down. This shift is evident in cities like Las Vegas, where home prices had skyrocketed. Now, many sellers are reducing their prices to attract buyers, as reflected in multiple Las Vegas homes for sale on real estate websites like Zillow. The rapid increase in prices has been an epic fail for buyers trying to enter the market. However, with fewer buyers and growing inventory, Las Vegas homes for sale are seeing more price reductions, offering some relief to potential homeowners. Despite this, the affordability crisis remains a significant challenge. If you’re looking to buy a home, whether in Las Vegas or elsewhere, it is essential that you do not overbid on the price as many homes are significantly overpriced. Being patient or making a lower than asking price offer is certainly an option for aspiring homeowners.
As a local Las Vegas realtor, I help people make the move into Las Vegas all the time. Reach out to me anytime if you're considering moving to this beautiful city. It would be my pleasure to help you find your perfect Las Vegas dream home.

Jerry Abbott - REALTOR
Summit Properties
Call/Text: 702-550-9658
Website: jerryabbottrealty.com

[ChadLusk-tm]

Thanks Jerry
I will be calling you when ready to buy a new house.
Thanks

[InvestingWithAdamK]

Good morning Jerry. Hope you’re having a nice weekend

[rocassc]

I agree 100 % and I’m planning to buy house in Vegas in future. I will keep you in mind!!

[karensee]

Wages arent keeping up with rent/mortage. Avager income is the same as it was 20 years ago. Im a construction project manager in Las Vegas and ONLY make 50k a year with my rent at $1850

[BoulderCityBlues]

According to Reventure the Las Vegas housing market is 26% overvalued ..So people are basically paying 500, 000 for a house that is actually worth 370, 000 in the real world . Anyone looking to buy should underbid because you’re probably not underbidding at all .

[morningsalute]

Working 48 hrs a week and constantly getting asked to pick up extra shifts. I try not working too much OT because I value mental health over money and get sick when I work OT and see it all went into taxes. I'm one of the lucky ones right now.

[omegaplumbing]

Im self employed and also employ my 2 sons in our plumbing business and it still is a struggle to pay all the bills and required licenses and insurance. Prices for material have basically gone insane. I've done the math we pay (not charge) 150% more for fittings then we did prior to the great PsYop of 2020.

[thomasfranco]

Back when I was working, I have a friend Dennis who worked in the IT Dept. of our Auto & Home Insurance Co. He has a sister who lives in Orlando Florida. He wanted me to look at homes in Orlando back then they were $80, 000 for a new home back in the 2009. I asked him do they have Hurricanes, and he told me no that it is way inland in the middle of Florida. Well, they just got hit last week by Hurricane and Orlando was hit bad. I do not like any part of Florida for that reason. I am retired and looking for a Vacation Home, but everywhere is so expensive. I told you that I have been looking in parts of Mexico also and now they also are getting up there. I have the money saved in the stock market, and it is breaking records. I do not want to use all my money where I will wind up broke. I am just trying to be smart and find a good deal. But I have not found one yet. It is exhausting!
Thank You Jerry! have a great day and week!

[pryde]

You know what is crazy. I work 3 jobs with no raise. On top of that I’m in school. Barely surviving. Vegas is way too expensive and overpriced.

[House_hacker_]

That house you mentioned that sold on Nov 2023 for 630k and sold it back on Feb 2024 for 725k. Just in 3 months the owner made almost 100k in equity. Nuts!!!! It doesn’t matter with price reduction because they list it over 300k over asking and if it drops 200k they still made 100k within in 3 months

[bandonbeachbum]

I just saw the most ridiculous greedy listing. 2700 Las Vegas boulevard unit 3902 inside the the Sky Tower. 1700 square feet. Two bedroom sold in 2023 for $650, 000. Now listed for
$4 million. A 600% markup in one year.
If that's not bad enough, the HOA fee is $1, 000 a month.

[cheezybred]

Make it illegal for large corps to own single family homes, problem solved

[QiangLi-zt]

Overvalue 26%, may or may be not. But one simple thumb of rule, how much is groceries price has increased? 26%? If groceries increased by 26%, why not house?

[JeepdudeFL]

I was laid off 2 yrs. ago from a great paying Tech Recruiting job and I've never seen it so bad! Hiring is way way down and there are hundreds of applicants for every job within hours. Fortunately I learned my lesson from the GFC and saved everything possible, but I'm too young to retire at my current age of 60.

[topazsunbelt]

Still very expensive in Las Vegas! It needs to reduced another 30% more on top of 45%!

[Ndd]

Love your videos Jerry! Thank you for your insight!

[tylle]

Preacher Jerry laying down some heavy truths about the Las Vegas real estate market! Thank you!

[lasvegasliving]

Very true and very unfortunate for so many people. Hope you get a big raise soon!🤞

[omegaplumbing]

We all know this is deliberate. But, its slowing us down and squeezing everyone. Case in point: My contractor here in the Central coast of California asked me to bid a bathroom remodel for a filler job. The customer had 30k for a budget. The contractor told me once he got all the bids in NOT including the contractor's markup we were at 60k for a single bathroom remodel. Who can afford that?