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: Mortgage rates remained relatively low, providing "cheap borrowing costs" that allowed buyers to manage rising prices.
: Availability tumbled throughout the year. By December, there were only 3,827 single-family homes on the market without offers—a 35.7% drop compared to December 2016.
The year 2017 was a significant turning point for the Las Vegas housing market, marked by surging demand and a tightening supply that favored sellers. By the end of the year, it was recognized as one of the best years for home sales in the city's history, despite a notable plunge in available inventory.
: Builders in Clark County saw a banner year, with 5,762 new-home sales closed through August, an 18.8% increase over the same period in 2016. The median price for new homes reached $342,973 by late summer. Inventory Challenges
For those looking to compare this historical data with current conditions, detailed monthly reports and historical trends are available through Las Vegas Realtors or tracking tools like the S&P CoreLogic Case-Shiller Index .
: The "effective availability" for homes sat at a tight 1.8 months , while the condo/townhouse market was even more constrained at 1.1 months . For context, a six-month supply is typically considered a "balanced" market. Driving Factors Several economic conditions fueled this "hot" market:
Throughout 2017, home prices in Southern Nevada experienced a steady upward climb:
: Mortgage rates remained relatively low, providing "cheap borrowing costs" that allowed buyers to manage rising prices.
: Availability tumbled throughout the year. By December, there were only 3,827 single-family homes on the market without offers—a 35.7% drop compared to December 2016.
The year 2017 was a significant turning point for the Las Vegas housing market, marked by surging demand and a tightening supply that favored sellers. By the end of the year, it was recognized as one of the best years for home sales in the city's history, despite a notable plunge in available inventory.
: Builders in Clark County saw a banner year, with 5,762 new-home sales closed through August, an 18.8% increase over the same period in 2016. The median price for new homes reached $342,973 by late summer. Inventory Challenges
For those looking to compare this historical data with current conditions, detailed monthly reports and historical trends are available through Las Vegas Realtors or tracking tools like the S&P CoreLogic Case-Shiller Index .
: The "effective availability" for homes sat at a tight 1.8 months , while the condo/townhouse market was even more constrained at 1.1 months . For context, a six-month supply is typically considered a "balanced" market. Driving Factors Several economic conditions fueled this "hot" market:
Throughout 2017, home prices in Southern Nevada experienced a steady upward climb: