Buying A House In Las Vegas 2017 -

: Availability tumbled throughout the year. By December, there were only 3,827 single-family homes on the market without offers—a 35.7% drop compared to December 2016.

The Hottest Real Estate Markets of 2017: Who Gained, Who Fell

Throughout 2017, home prices in Southern Nevada experienced a steady upward climb: buying a house in las vegas 2017

: Builders in Clark County saw a banner year, with 5,762 new-home sales closed through August, an 18.8% increase over the same period in 2016. The median price for new homes reached $342,973 by late summer. Inventory Challenges

: The "effective availability" for homes sat at a tight 1.8 months , while the condo/townhouse market was even more constrained at 1.1 months . For context, a six-month supply is typically considered a "balanced" market. Driving Factors Several economic conditions fueled this "hot" market: : Availability tumbled throughout the year

: The median sales price for single-family homes reached approximately $260,000 by mid-year , a 10.2% increase from the previous year. By March 2017, the median resale price had already hit $242,000.

The year 2017 was a significant turning point for the Las Vegas housing market, marked by surging demand and a tightening supply that favored sellers. By the end of the year, it was recognized as one of the best years for home sales in the city's history, despite a notable plunge in available inventory. The median price for new homes reached $342,973

: A continued influx of new residents, particularly from California , drove sustained demand.