Home value growth in Las Vegas lowest among major US cities
Las Vegas had the slowest growth in home values out of 50 major cities in the U.S. this past month, according to new data from Zillow, an online real estate broker.
Home prices in the Las Vegas metro area grew 0.5 percent from April to May, which is lower than the other 49 cities, according to Zillow. The average price for a home in this area is $400,274, which is a 6.9 percent drop from this time last year and the fifth-largest decline in the country among major cities.
Zillow Senior Economist Nicole Bachaud said competition over scarce listings is stoking price appreciation across the country, however Las Vegas is still bringing up the rear.
“Competition for homes in Las Vegas is returning after a serious slowdown that began a year ago,” said Bachaud. “Monthly appreciation there is picking back up, but is still the slowest among major U.S. markets. Even so, homes are going under contract fairly quickly in just over two weeks.”
New listings in Las Vegas did rise 3 percent from April, however they are still down 46 percent from May of last year. Total inventory is down 9 percent from May of last year — and down a whopping 49 percent from May 2019.
“Many homeowners are still opting not to sell and give up historically low mortgage rates. But those who do have been rewarded with bidding wars as buyers compete for limited options,” said Zillow Senior Economist Jeff Tucker. “Spring is traditionally the hottest time of year in the housing market, and 2023 has been no exception. Time will tell if seasonal price slowdowns arrive on time this year, later in summer.”
Nationally, home values were up 1.4 percent from April to May, according to Zillow. The average home price in the United States sits at $346,856, which is up 0.9 percent from last May and 3.4 percent from a recent low in January.
Concerning Las Vegas, Zillow reported that pending sales were up 4.3 percent from April to May, but down 20 percent from last May. Homes in Las Vegas spent approximately 15 days on the market.
Zillow also reported that data shows rents in Las Vegas are down 1.5 percent from May of last year.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com or 702-348-3967.
