Knowing current market conditions and the values of recent home sales can help answer the question, “What is My Las Vegas home worth?” In a nutshell, house prices have risen in the past year ending June 2013, according to Market Insider, and interest rates are still low. These conditions make now an ideal time to buy or sell a home.
The estimated median value of all homes in the city, including those that are on the market and those that are not for sale, is $142,600. This is a stunning increase of 30.7 percent over the 2012 bottom but still affordable.
Your home may be worth more than you think! If your home was previously under water that may no longer be the case! Curious about how much your home might sell for? Get a free market analysis from an expert Realtor:
- The median list price of a home is $160,000. The median sale price is $157,200, which represents 98.2 percent of the asking price. June saw the sale of 6,582 houses.
- Winchester had a jump in value of 41 percent to $99,600. The median list price was $134,900 and the median sale price was $105,100.
- The highest home value of $236,900 was in Summerlin North, showing a 30.5 percent increase. The median list was $259,000 and the median sale price was actually higher at $260,800.
Monthly rents actually fell in Las Vegas by 4.1 percent to a median $1,050. Prices were highest at the strip at $1,800, although even this was a decrease of 21.6 percent. The lowest rents were in the Cultural Corridor at $530. The biggest increase in rent was at Desert Shores at 15.8 percent, followed by Rancho Charleston at 14.7 percent.
Interest rates for a 30-year fixed term are rising but are still at a reasonable 4.27 percent. The Mortgage Bankers Association sees this figure rising to 5.1 percent by the end of 2014.
Find out more about how these figures can help buy or sell a home. Contact us today.
If you, or someone you know, is looking to purchase or sell a home in Las Vegas or Henderson, please contact me anytime for more information about our current market or the home buying process. I’m available, 7 days, 8 AM – 9 PM.
Click HERE for the latest, Up to date, neighborhood market analysis and statistics of various Las Vegas Communities and Schools.
Alan Taylor | REALTOR®
Prudential Americana Group, REALTORS ®
10777 W. Twain Ave. SUite 333
Las Vegas, NV 89135
Author: Alan Taylor