Best Time to Sell a House in Las Vegas [Insider Guide]
Living in Las Vegas, you know that the housing market has steadily increased year-over-year.
On average, before the pandemic housing boom, home sales averaged a 10%-15% higher selling price YOY. But, the time of year you sell your home can greatly affect the sales price, the market inventory, and the volume of potential buyers looking for homes.
So when is the best time to sell house in Las Vegas? And why might selling your home for an all-cash offer get you the best price?
Understanding the Las Vegas, Nevada Housing Market
To understand market trends in Las Vegas, it’s important that we not only look at the current month’s average home price, but the year-over-year percentage of growth, current market trends, average home value, and mortgage rates.
As the real estate market begins to correct due to higher interest rates, and the growing inventory of homes on the market, the real estate market trends across the country have begun to level after unprecedented growth in 2021 and 2022.
There are no signs of the market returning to the pre-pandemic list prices, but we are seeing the market begin to return to the average growth rate we saw in 2018 and 2019 of around 5%-10%.
The astronomical growth we saw in early 2022 means your home has likely doubled in value since 2018, but you should expect homes to grow at an average of 5% to 10% per year.
According to Realtor.com, “The median listing home price in Las Vegas, NV was $449.9K in September 2022, trending up 15.4% year-over-year. The median listing home price per square foot was $256.”
Despite the dip we saw in the late spring and summer of 2022, we are seeing market conditions that are balancing in favor of both the buyer and seller. Currently, there is no sign of homes returning to pre-pandemic selling prices, and since 2018, the median sales prices in Las Vegas have nearly doubled.
Best Time of Year to Sell a House Fast
In most regions of the country, spring is the best time to list your property.
As many across the country rave about the spring market, realtors in Vegas wait until the spring and summer heat settles in the autumn before their busy time of year begins.
It may surprise you that the best time to sell a home fast in Las Vegas is not the spring and summer months. Due to the heat, the market is pushed into late summer and early fall, making it more comfortable for buyers to shop for their new homes.
Homes sell faster, with listings on the market for fewer days and at a higher price during the fall than at any other time during the year.
The market inventory is also lower during the peak season, so buyers have fewer homes to choose from. This means that buyers are more likely to be interested in your home and are more likely to make a full-price offer.
The best and worse time to sell your house:
- November is the best month to sell your home, with market value typically up around 7%
- January is typically the worst month to sell your home, with market value typically down around 7%
Best Locations to Sell a House
There isn’t necessarily one “best location” to sell your home. Instead, there are the best locations to sell homes based on the demographic of the buyer. So when selling your home, you may want to target a particular type of buyer based on your location.
There are a few key things to remember when selling a house in Las Vegas. Home prices in the city are relatively high, so you’ll need to list your home at a competitive price.
The Westside is one of the most desirable neighborhoods in Las Vegas, and homes here tend to sell quickly. If you’re looking for a fast sale, this is a great area to list your home.
Summerlin is another popular neighborhood for home buyers, offering a more suburban feel than other parts of the city. Homes in this area also tend to sell relatively quickly.
Downtown Las Vegas
Downtown Las Vegas is experiencing a renaissance, becoming increasingly popular with home buyers. This is a great area to sell if you’re looking for top dollar for your home.
Henderson is a multiplying suburb of Las Vegas, and it’s becoming increasingly popular with home buyers who want more space and a slower pace of life. Homes in Henderson typically take longer to sell than those in other parts of the city, but they often sell for more money.
North Las Vegas
North Las Vegas is another suburb growing at an increased rate, offering more affordable housing than other parts of the city. This is a great area to consider if you’re looking for a bargain price for your home.
The real estate market in Las Vegas is very competitive. However, if you list your home at the right time or work with someone who will purchase your home with a cash offer, you can get top dollar for your property.
Is now a good time to sell a home in Las Vegas?
There is never a wrong time to sell your home, but now is one of the best times to sell your home. Especially if you prefer to sell a home in the more traditional selling market versus the fast-paced market we saw in early and mid-2022.
The area continues to be a seller’s market. However, now, home buyers have more negotiating power and can avoid bidding wars. We wouldn’t consider this a buyer’s market, but homes aren’t selling in just a few days as they were in May 2022.
We are also seeing homeowners are more willing to cover closing costs, and we see fewer cash offers (that’s where we come in).
Keep these things in mind when looking to sell your home fast and stay ahead of other home sellers in Vegas:
- Work with a knowledgeable Las Vegas real estate brokerage who understands the market and real estate trends
- Price your home according to market trends
- Have light renovations done to your home, add a fresh coat of paint, and make sure it’s clean
- Be flexible with showings of the home
- Utilize your home and neighborhood’s best features to your advantage by showcasing them
- Stage your home
If you’re looking to get the most money out of your home sale with as little work as possible, you can work with someone willing to purchase the home with a cash offer. No realtor fees, lengthy listing and bidding processes, and you can get what your home is worth.
Will home prices drop in Las Vegas in 2023?
The real estate market is notoriously difficult to predict. However, home prices can be affected by several factors, including job growth, inflation, and interest rates. That said, a few trends indicate that home prices in Las Vegas may drop in 2023.
The city has experienced a boom in new home construction over the past few years. This increase in supply could decrease home prices as more sellers compete for buyers’ attention. Additionally, many homes built during the last housing boom are now coming off of their 10-year mortgages. This could lead to an influx of properties hitting the market, further driving prices.
Another factor contributing to a price drop is an increase in interest rates.
When interest rates go up, it becomes more expensive for buyers to finance a home purchase, leading to fewer sales and a decrease in home prices. Of course, only time will tell how the market will ultimately move. However, those considering selling their home in Las Vegas may want to consider doing so sooner rather than later.
How long does it take to sell a house in Las Vegas?
In Las Vegas, the average home spends 61 days on the market before selling.
The average time on the market in Vegas is significantly shorter than the national average of 96 days.
Several factors contribute to the quick turnaround time for home sales in Las Vegas. One reason is that home prices in the city have increased rapidly in recent years, making it an attractive destination for sellers.
In addition, the list price of homes in Las Vegas tends to be very close to the final selling price, which also helps to speed up the sales process.
Although most homes are sold in this time range, others may take several months. The time it will take to sell your home depends on many factors, such as the location of your home, the current market conditions, the home’s condition, and your asking price.
If you are considering selling your home in Las Vegas, it’s essential to consult a real estate agent to estimate how long it may take to sell your home.
But, if you want to avoid the lengthy home selling process and realtor commissions, consider selling your home to someone offering cash without any conditions to get the fastest sale possible.
Maximize Your Home’s Value
Are you ready to sell your Las Vegas home?
We give you the best all-cash offer fast for your home and provide a super easy close for you, your family, and your unique situation. Our property specialist will give you a free, one-on-one, no-obligation consultation at your convenience.
Call us today at 702-904-9483 to speak to an agent and get a fast, fair, no-obligation offer right away.