Las Vegas home prices below replacement cost but now not falling

While a majority of Las Vegas homes are indeed selling below replacement cost (in my world that’s anything under $100 per square foot), the free fall in prices may indeed be over. According to the Greater Las Vegas Association of Realtors, the median price of a single family home here in the valley in October was $121,000. In November it rose to $125,000.

Yes, that’s not a huge rise. But the news is the prices haven’t gone down. We’ll see if the trends holds when The GLVAR releases the December figures.

I personally think prices in Las Vegas have hit bottom or are darn close. However, I predict we will be here for quite a while. Maybe two more years?

What do you think? ‘Splain me Lucy!

((hugs))