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Thoughts on the 2020 Real Estate Market

Happy New Year everyone! 2019 was a great year for the Las Vegas real estate market. We continued to be one of the fastest-growing cities in the country with many of those moving here from the Golden State of California. So, what’s to come for the market in 2020? Here are some of my thoughts.

THOUGHTS ON 2020

Although no one truly knows what will happen in any given market, there are a few things I can forecast based on my experience.

  • First, 2019 truly solidified Las Vegas as a sports town and it is no longer only recognized for hospitality. This year, that momentum will continue with the arrival of the Las Vegas Raiders in the 2020 football season.
  • Next, the average and median home prices are going up, which will make it a little more difficult for first-time homebuyers to purchase properties.
  • Also, overall inventory levels are going down around the valley and we are expecting to see slow growth in the market this year.
  • Additionally, high-rise and new home sales have been slowing down in 2019 and that pace is expected to continue in 2020.
  • However, on the other hand, the luxury market has been doing great and both buyers and sellers will continue to see that growth this year.

GETTING READY TO BUY OR SELL?

With the holidays over, mid-January generally has an influx of inventory as schedules return to normal. If you are looking to buy soon, keep your eye out for listings that will pop up over the next couple of weeks.

If you are looking to sell, don’t underestimate the need to prep your home. Some suggestions include doing small repairs, adding a fresh coat of paint or hiring your own home inspector so there aren’t any surprises. Stay tuned next month for my complete tips on how to sell your home quickly!

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Have questions or want more information? Give me a call at 702-497-3815 or let’s grab a quick coffee to discuss. No question is too big or small — I am here for you!

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