Las Vegas Condos: Prices Rising! Real Estate Market Update 2023

Condo prices in Las Vegas are starting to rise as inventory shrinks. The 7 day average for Condo list prices is higher than the 90 day average, which is a leading inventory. Condo prices in Las Vegas are still about 10% higher than they were in January 2022.

The Las Vegas real estate market has been adjusting to mortgage rate increases for residential homes, but condos have fared much better still much higher than houses in Las Vegas.

The prediction for the housing market in Las Vegas in 2023 is that home prices will adjust to match demand and condos will likely increase in value through the spring. As interest rates decrease, home affordability will be much better and more buyers will return pushing up demand for homes. Home prices are projected to be anywhere from 10% less in a year to 8% more, with the most likely outcome that home prices will be relatively flat throughout 2023 and condo prices will fare much better in Las Vegas.

There is no indication Las Vegas is in a bubble or the housing market will crash in 2023.

Todd and Oana are real estate agents in Las Vegas.

Todd Miller

Oana Miller

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