Las Vegas Real Estate Market - March 2021

As of March 2021, the Las Vegas real estate market is probably one of the strongest seller's markets we've had in years. Home sales and average prices are setting record highs. At the same time, interest rates are hitting record lows which is fueling the market with buyers. Inventory availability is sitting at less than 6 months, as a result, we're seeing more multiple bid offers than ever. 

Here is a summary of the real estate stats for the Las Vegas Market as of March 2021, and see Tips for Buyers in this Strong Seller's Market below.

Single-Family Sales Spotlight- March 2021

Single-Family home sales were up 35.1% from March 2020, and 34.7% from February 2021

Average Price: $454,954 up 22.3%

New Listings: 3,566, down -1.1% from 2020

# of Units Available: 6,565 - down -28.6% from March 2020

Months of Availability: .5 months - down -76.9% from March 2020. 76% of listings are closing in 30 days or less

Single-Family Home Market Trends by Year

Based on 3,726 Closings
+34.7% vs Prior Month
+35.1% vs Prior Year

Condo & Townhome Sales Spotlight- March 2021

Condo and townhome sales were up 39.8% from March 2020, and 38.2% from February 2021

Average Price: $217,745 up 9.2%

New Listings: 966, up 13.7% from 2020

# of Units Available: 1,903 - down -20.9% from March 2020

Months of Availability: .6 months - down -73.8% from March 2020. 68.5% of listings are closing in 30 days or less

Condo & Townhome Market Trends by Year

Based on 998 Closings
+38.2% vs Prior Month
+39.8% vs Prior Year

The above stats were supplied by LVRdata.com and Las Vegas REALTORS®.

Tips for Buyers in this Strong Seller's Market

As a buyer, your best tools to succeed in this market are:

• Do your research and be prepared
• Timing
• Enlist a real estate agent experienced in multiple-bidding offers and negotiation
• Be prepared to ask over list price if possible. Which means looking at homes that are slightly below your maximum budget so you have the flexibility to offer higher than list.

To succeed as a buyer in this strong seller's market, you need to be prepared, know what you want and how much you're approved to spend. When you find the perfect property, if you don't act quickly, there will be 10 others ahead of you.

The buyer who acts quickly, with a strong bid and little or no contingencies is more likely to be successfull. It also helps to have a realtor experienced in multiple bid negotiation. Read our post on Buying a Las Vegas Home - Get Your Offer Accepted! for more keys to success in this seller's market.

As a Buyer, How Can You Get an Edge?

Just fill in this form below and let me know what you're looking for.  We'll advise you as soon as properties matching your criteria hit the market. The sooner you're aware of a listing, the sooner you can act. 

We can also send you a listing of all the Coming Soon listings that haven't yet appeared on the MLS. If you see something you like - you can be ready to respond.