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I knew this day was coming. First the housing market crashed and next the hotel industry.
https://scontent-lax3-2.xx.fbcdn.net...Ow&oe=68582928
Nearly $7 billion worth of homes are currently sitting on the market for sale in the Las Vegas Valley, according to a new report.
READ MORE: lvrj.com/post/3386315
I started this thread because I knew the over-inflated market was eventually going to cool...and here we are.
https://uploads.tapatalk-cdn.com/202...170f5cfa6d.jpg
Listings are soaring in this long-famous resort city as residents try to flee — and buyers hold back
Las Vegas, a city once synonymous with fast growth and retiree appeal, is experiencing a rare reversal: Homes are hitting the market in droves, and buyers are holding back.
Sin City saw the steepest year-over-year increase in inventory nationwide, with the number of listings jumping 77.6% in June, according to Realtor.com.
Sellers — particularly retirees and investors — are trying to capitalize on equity gains, and escape rising interest rates and record-breaking heat. Yet many are finding themselves stuck, unable to secure a buyer in an increasingly saturated market.
Las Vegas is leading the nation in new home listings, with housing inventory jumping 77.6% year-over-year in June, a sharp contrast to last summer’s tighter market.
Nationwide, newly listed homes rose 6.2% from June 2023, according to the latest Realtor.com Monthly Housing Report, giving buyers more options across the board.
Where housing inventory is growing: https://rltor.cm/7chb63
https://scontent-lax3-2.xx.fbcdn.net...-Q&oe=6885817D
I know Druff said he is waiting to buy a house in Vegas, myself as well. 2026 will be crazy as it will be cheaper to buy than rent an apartment.
https://www.youtube.com/watch?v=Gr5gURVOntY&t=1s
October 1, 2025-
Las Vegas has shifted to a home buyer’s market, study says
The Las Vegas Valley is now firmly a buyer’s market for residential real estate, according to a new study.
Redfin estimates the valley has shifted toward a buyer’s market almost more than any other major metro in the country as the number of sellers now outpaces buyers locally by 96.7 percent, up 47.9 percent year-over-year ending August.
The only other metro that has seen a bigger shift from sellers to buyers this year is Denver, and in terms of seller’s markets, Newark, New Jersey, leads that category.
Redfin says there are approximately 13,575 sellers of residential homes currently in the valley as compared with only 6,903 in August of last year. The median home price sits at $443,770, a 1.3 percent increase from August of last year.
The valley finds itself in the middle of a housing crisis as a number of factors have weighed heavily on residential real estate lately. The biggest contributing factors appear to be a lack of land to develop as the federal government controls most of the land which could still be developed in the valley along with high mortgage rates, a slowdown in construction and economic uncertainty created by tariffs.
https://scontent-lax3-2.xx.fbcdn.net...pA&oe=68E73514
This video makes me now not want to move to Las Vegas.
https://www.youtube.com/watch?v=5kpsXgqAfKA
Reason #1 is pretty real...
https://scontent-lax3-1.xx.fbcdn.net...7A&oe=68F3BD0E
Here is a tip from someone who knows the industry well.
When a housing crash/correction is looming, there is little downside to waiting for it to bottom out, unless you have an absolute need for a house right now. (And even then, you can rent.)
Why?
When crash recovery takes place, it doesn't rocket back up. It's not like recovery from a bitcoin crash, where the entire crash can be erased within days. The housing market doesn't work like that. It's a slow trudge back up.
Usually this is how a modern US real estate crash looks:
1) CRASH - prices collapse and rapidly fall
2) FLATTENING - the crash stops, and the market is kind of in a daze, with prices sitting relatively flat for awhile
3) SLOW RECOVERY - with the perception that the housing prices are undervalued, or due to better economic factors, prices will steadily move up for the next several years
This gives you a lot of time to act during the FLATTENING period. There is no need to rush to buy something when you see prices fall a little. In fact, you will fuck yourself that way, as they are likely to keep falling.
It's very simple. When the signs of an impending crash are there (as they are right now), wait for the crash, and do not even think of buying until the prices have stopped declining for 2 months minimum. At that point, you can cautiously approach buying something, but watch prices closely, and if you are still seeing signs of a decline, wait some more time.
Vegas might see a crash soon due to a combo of too much construction, tourism struggles/layoffs, and too aggressive price increases over the past decade.
Also, if you are renting in Vegas, and the housing market crashes (thus causing rents to also decline), I can give you some tips on how to negotiate a MUCH cheaper rent when your lease is up. But we will wait for this to occur before I go into that.
I will probably buy some kind of place in Vegas when the next housing crash occurs.
Druff, all good points, thanks.Quote:
Originally Posted by Dan Druff
But the video in post #86 above does a really good Top 10 list of overall reasons not to buy in Vegas right now. I was pretty set on doing it eventually, but now have to do some heavy considering. A really good big picture video to watch, hope you see it.
Add- Why is Las Vegas in the big suck right now- the county is BLUE and the county commissioners are running it into the ground. The entire county is so blue and screwed up, there really is no telling when it will be fixed or self corrected.
I wouldn't expect this anytime soon, Housing Market is healthy and Mortgages aren't in a bad place. Interest rates recently being lowered again that tends to push buying (borrowers) higher as people will take on the cheaper Loan or money (Mortgage).. Overall the Housing Markets very healthy although locally Nevada could trend uniquely of course, myself wouldn't expect any Housing Price Crash anytime soon as overall the Housing Sector is healthy now, good luck.Quote:
Originally Posted by Dan Druff
(My Armchair Economics 101 Class..lol)
Owning a home used to be the 'American Dream'
The new American dream is leaving America and owning property or just renting a home in another country.Quote:
Originally Posted by garrett
https://www.jamesedition.com/real_es...huket-15758880
https://www.travelandleisure.com/thm...5e36c711e2.jpg
https://partyphuket.com/wp-content/u...-1024x683.webp
Have you been following this topic?? The down fall started earlier this year. This is why I keep updating this thread when I can.Quote:
Originally Posted by garrett
This was last June and has gotten worse...
$7B worth of homes for sale in Las Vegas, highest ever, report says /
Nearly $7 billion worth of homes are currently sitting on the market for sale in the Las Vegas Valley, according to a new report from Redfin.
Approximately $6.99 billion worth of homes were for sale as ......We hope you appreciate our content. Subscribe today to continue reading this story, and all of our stories.
And then this...
Nearly 20% of home sale deals in Las Vegas fell through in August, report says
UPDATE-
Las Vegas leads nation in glut of homes for sale, say Realtors
A national increase in the inventory of homes for sale is most pronounced in Las Vegas, where the number of listings without offers is up 77% over last year, according to a report that asserts retirees are fleeing the valley as homes flood the market.
Report: Las Vegas home prices dip; inventory surges
Las Vegas home prices declined slightly in September compared to last year while the number of available properties surged, signaling a shift toward a more balanced housing market, according to a industry report published this morning
The median price for existing single-family homes in Southern Nevada dropped to $470,000 in September, down 2.1% from the same month in 2024, Las Vegas Realtors said in its monthly data pull. The figure also marks a decline from the all-time high of $485,000 reached earlier this year.
Condos and townhomes followed a similar pattern, with median prices falling to $294,000 — down 1.8% year-over-year and below the record high of $315,000 set in October 2024.
I'm currently staying in a house on the southwest side. This place is supposedly worth 600kish - has a small backyard, a heated pool and spa etc. I just am not seeing 600k though. Back in Texas in any midsize city or larger this would be more like 350k. I get that it's Vegas, but what's the real appeal?
My short and random answers-Quote:
Originally Posted by VaughnP
- I like both Vegas and Pahrump.
- I actually like the generic cookies cutter track homes. I also like no/low yard maintenance, so give me desert- scape.
- One of the best places to retire. I have a good story to tell here some time if you want.
- Good gun laws and home defense/stand your ground.
- No state income tax, but the care insurance will counter this.
- Can do outdoor sports like UTV. I'd like to go camping way up on the I-95 and I-95 areas
- Can take my jet ski to Lake Mead, Laughlin, Mojave and Havasu.
- Always a place to go out to for dinner- local bars with deals for locals, China Town, etc.
- Lower gas prices, but the fuel does come from LA refineries.
- All the strip entertainment, always some place to go or concert to see, also bowling. I still havent caught Def Leppard in concert yet in Vegas, maybe soon.
- Snow skiing at Mt. Charleston. You can also see the famous PFA rotary dial phone.
- I like the remote out of town areas to explore like Nye County, Area 51, Utah, Arizona.
- Pretty good Fire Dept and EMS service- City of LV Fire, Clark County and Henderson are all Class 1 departments, thats a plus.
- You have an international airport there to travel out of. If LAS doesnt work, then you can drive to ONT, SNA, BUR, etc.
- Druff might move there too, se we can get together and play flashlights at night when he awakes from his coffin.
Negatives-
- Summer heat sucks.
- Crimes is high in some areas. Clark County is a blue region.
- Living there does lead to Vegas burnout as you have to find a place to escape to, like Utah.
- Most of the women there are gold diggers, dating can suck.
- Transient town, so keeping a good local doctor or dentist could be hard.
I think this is so smart. Real estate is not crypto- much more stable. I'd love a place in Vegas- and getting one for $350k or something seems pretty easy with the coming sliump.Quote:
Originally Posted by Dan Druff
Good points and we all agree to wait on the slump. The down side is- one you buy a home in Vegas, youre stuck with it until death. I have an adult child and mull over sticking her with a home in a town I dont want her to live in. I assume Druff is OK with Ben having his Vegas house eventually, but Ben is smart, he will navigate through it.Quote:
Originally Posted by tigerpiperI think this is so smart. Real estate is not crypto- much more stable. I'd love a place in Vegas- and getting one for $350k or something seems pretty easy with the coming sliump.Quote:
Originally Posted by Dan Druff
As for home prices, forget 350, I am thinking 250k for the single story 3 car garage unit I want.
Lastly, my thinking is when I'm in my 60s- Im old, retired and chilling, who cares if its Vegas, I;m living decent with good city water, power, sewer and Fire/EMS. Less headaches, the better for me.
Good example- Nice house, but over-priced in my opinion-
https://scontent-lax3-1.xx.fbcdn.net...2Q&oe=69032AF6
That house is too small.
I want a 3 car garage, but that house is fine for me as a single retired dude that travels and doesnt need alot. Druff can still come over at night and talk about the Dodgers, customer service complaints and flashlights.Quote:
Originally Posted by Texter