If you want to sell your house in Las Vegas, you are in luck. Although real estate property is selling much faster in some other areas, it highlights the general frenzy of home sales across the country following the COVID-19 pandemic.
According to Zillow data, over 51% of listings in the Las Vegas area that found buyers in April were sold within a week of putting on the market. Las Vegas ranked 27th out of 50 metro regions in the research when it came to speedy sales. Columbus, Ohio, led the list with 73.8%, while 47.3% of homes sold last month had just been on the market for a week or less.
So let’s discuss these trends in detail.
The Las Vegas Real Estate Market
When the pandemic struck in March 2020, it wreaked havoc on the housing market in Southern Nevada. Despite the resulting catastrophic effect on tourism, the cornerstone of Las Vegas’ casino-heavy economy, the real estate market proved resilient.
Reduced interest rates have allowed consumers to secure lower monthly payments and optimize their budgets. Out-of-state buyers have also boosted the market since they can typically acquire larger, cheaper property in Southern Nevada.
At the end of March, just around 1,770 single-family houses were on the market without offers, down roughly 69% from 2019. As availability shrinks, many buyers are turning to homebuilders. However, this isn’t always a straightforward solution. Builders have started placing purchasers on waiting lists and accepting bids for vacant properties.
How Long Does it Take to Sell Your Las Vegas Home?
In 2021, it will take an average of 81 days to sell a home in Nevada, with 46 days for getting an offer and another 35 days for closing. This is quicker than the national average by about 12.9%. Remember that these are yearly averages, as figures may vary by month or season.
Best Month to Sell Your House in Las Vegas?
If you want to sell your Las Vegas home quickly, November is perhaps the ideal time to do it. We predict that if you offer your Las Vegas home in August, it will sell three days faster than if you list any other month.
Sell Your House in Las Vegas Fast at Any Time
Timing affects how soon you sell your house. For speed and affordability, some months are just better than others. However, in Nevada, the time issue is not as significant as it is in other states.
While sales decrease in January, the gap between that month and the fast month, August, is only three weeks. The pricing disparity is increasingly pronounced. No matter when you list your property, a skilled local real estate agent will sell it for the best price. They are familiar with seasonal patterns and have up-to-date information on individual communities around the state.
Renovations are also necessary if you want to sell your Las Vegas property quickly. A modern or elegantly furnished house with attractive décor may make all the difference in the number of bids and the number of offers that sellers receive for their home.