The primary challenge for buyers in 2017 was a severe lack of choices:
: This segment saw even sharper appreciation, with median prices rising 20.0% year-over-year by July 2017. buying a house in las vegas 2017
The Hottest Real Estate Markets of 2017: Who Gained, Who Fell The primary challenge for buyers in 2017 was
: Mortgage rates remained relatively low, providing "cheap borrowing costs" that allowed buyers to manage rising prices. For context, a six-month supply is typically considered
: 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:
: The median sales price for single-family homes reached approximately $260,000 by mid-year , a 10.2% increase from the previous year. By March 2017, the median resale price had already hit $242,000.