September 2021 Las Vegas Real Estate Market Update

Median Sold Price Holds Steady

Our Median Sold Price actually stayed even with last month, at $405K. This is the 1st time all year that we didn't see an increase in Median Sold Price.

Although the media may make a mountain out of a mole hill on this point, it does NOT mean that the market is softening or that we are in the early phases of a massive price drop. Doesn't it seem that there are many who have been long awaiting this "crash?" 

Rather, the non-price-increase has more to do with luxury homes taking a slight decline in pricing, not the market as a whole. And, when I say "slight decline" I'm referring to the luxury home average price point, where it had been hovering around the $1.95M mark, give or take, for many months, but decreased to just around $1.8M. 

We also saw more price decreases last month than we had in awhile, from x%  to y% experiencing a decrease. Again, some may mistake this for the market dropping, but in fact, it was primarily the overpriced listings that succumbed to a price decrease, realizing, that even in this hot market, buyers are savvy.  

However, I always like to remind anyone who will listen, that while some segments and communities experienced a price decrease, others enjoyed a price increase! That’s why we truly believe that all real estate is local – even hyperlocal. Your community or subdivision may not be – and most likely isn’t in perfect syncronization with the Greater Las Vegas Area Market Stats.

If you are considering a move, reach out to your local neighborhood JPAR Elite real estate expert. Discuss your plans with your agent, so they can help you reach your real estate goals faster, and with less stress.