August 2022 Housing Market Update

August brought some changes to the housing market here in Southern Nevada.


The housing market has shifted further towards a buyers market in the month of August. Clark County has gone from a strong sellers market a few months ago, to now a slight sellers market.


Take a look at the median list price for homes (see photo). Home prices have gone down in August. In fact, almost 60% of the listings have had a recent price reduction.


Inventory has also increased over the last several months. When an area has more homes for sale and fewer buyers, this creates a buyers market.


Homes are taking longer to sell and the multiple offer frenzy has slowed down.


The August rental market was hot and August has brought higher median rents ranging from $2200 in North Las Vegas up to $2400 in Henderson NV.


Buyers may soon have the advantage as the homes come down in price, inventory increases, and the homes stay on the market for longer periods of time.


As the market shifts towards a buyers market, buyers may be able to request seller contributions towards their loan expenses and closing costs, making it easier for them to get into a house!  There is also a greater chance that sellers will accept a contingent offer as things slow down.


If you are ready to buy sell or invest, Pinyon Properties is your real estate one stop shop!

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