LAS VEGAS (KTNV — I've been keeping an eye on home prices in Southern Nevada this year.
And wow...
They've jumped $35,000 in just seven months.
The latest July Las Vegas Realtors report shows the median price of single-family homes is now $480,000. That's almost back to the record high of $482,000 from May 2022.
So what can $480,000 get you?
Take a look at this current listing in the southwest part of the valley. It has three bedrooms, two and a half bathrooms, and more than 1,500 square feet in a gated community.
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But how much will this cost you monthly?
I reached out to Bryan Feldman, a senior loan officer, who told me that a home like this would cost you anywhere from $3,100 to $3,500 a month with the current interest rates.
“The one thing that's a loop that's been a little bit disturbing is seeing interest rates increasing as you also see property values increasing. Usually, you don't see them both going up as significantly as they have at the same time," Feldman said.
I also reached out to Las Vegas Realtor Alex Vazquez. He told me the prices we are currently seeing show the market is hot with out-of-state buyers pushing prices up.
He said there's only about a month's worth of homes available, so sellers have the upper hand.
What is the main contributor as to why home prices continue to go up here in Southern Nevada?
“A lack of inventory. One of the major components of this issue that we have here locally is that prices continue to go up. There's buyers who are willing to continue to pay those prices, and sellers are having a hard time giving up their current interest rates," Vazquez said.
Vazquez told me that a great way to lower your mortgage payments is by negotiating an interest rate buy-down. This means the seller can give you a credit to reduce your rate, making your monthly payments more manageable.
