LAS VEGAS (KLAS) — The Las Vegas housing market continues to set record numbers month after month. In March, the median price of a single-family home hit $363,000, so many homeowners are taking advantage of the prices and selling while the market is hot.
Homes in Spring Valley are selling so fast there’s not even enough time to put up a for-sale sign. According to realtors, some people are retiring to other states, but most are still staying in southern Nevada.
“I honestly feel that because I am the seller, I have an advantage because it’s a seller’s market,” said Emily Merz, selling home.
Merz is one of many Las Vegas homeowners taking advantage of soaring home prices. She’s listing her clubhouse community home above market price.
“Definitely above value, just because it’s one of eight in this neighborhood, and I have the second largest lot. Right now, to live in such a tight community to have such a yard space is really valuable,” Merz said.
Merz plans to move to a home that is being rebuilt in a Las Vegas neighborhood she once lived in. Homeowners selling their homes but staying in the Las Vegas valley is a trend local realtors are seeing.
Concierge realtor Jennifer Belcastro says she’s seen an increase in her clients wanting to sell over the past few months.
“The clients I have now are all wanting to upgrade their homes because of COVID,” Belcastro said. “They’re spending more time in their homes, so it’s actually a great opportunity for them to buy another house while their house is selling at a higher price.”
Others are choosing to stay but downsize. Although prices are up nearly 14% over the last year, at this time, Las Vegas Realtors President Aldo Martinez says a downsize can be worth it since many have tens of thousands of dollars worth of renovations.
“So the house they’re moving into is completely redone to 2021 standards,” Martinez said. It looks modern, it looks up to date, and they’re loving it.”
Both Martinez and Belcastro don’t see this trend slowing anytime soon, saying it could extend through the next year.
Part of the reason for the high prices around the valley is as simple as supply and demand. Right now, there is a low inventory of houses, so it makes the market more competitive.
Belcastro recommends those looking to sell should have a solid plan in place in case you need to move out quickly.