LAS VEGAS (FOX5) – Last year was hot for the Las Vegas housing market.

A record breaking 50,000 homes were sold in valley throughout the year. Now, local real estate experts are weighing in on if 2022 will be just as busy.

“There was a lot of competition out there. A lot of home buyers looking to get into a home quickly,” said Hugo Organista, a first time buyer.

Organista said the process was stressful, and he’s not alone.

“You need to put in multiple offers, hoping that you’re the winner,” he said.

Brandon Roberts, president of Las Vegas Realtors, said many first time buyers are facing intense competition in their price range.

“They have to be patient and work with a realtor that is actively looking for them,” Roberts said.

He said he believes the market is going to cool down.

“I anticipate a rise in the interest rates, which will create an easing of the price increase,” he said.

He predicts that values will still go up, but not at the same rate as 2021.

“I think it helps us a lot because it protects us, or helps protect us, from a crash, so we don’t get over inflated, so I think it’s important that we have gradual increase price, rather than big gains.”

Las Vegas HOUSING - GENERIC

A photo of homes in the Las Vegas Valley.

Although Roberts said he is not concerned about a crash, he expressed some concern that interest rates would rise too fast.

“I am concerned on how fast interest rates go up, and what that would do with our market in the slowing in the prices, which would create more inventory. More inventory with less demand would slow things up.”

If interest rates do rise at a gradual rate, it could ease competition and slowly bring up inventory, which is currently very low in the valley.

“We do have less than a one month's supply,” he said.

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(12) comments

george strong

It's just another bubble that will pop when the Fed raises interest rates later this year.

jeezlouise

This market is a scam. Inflated, artificial values and giant corps buying up and hoarding the inventory to rent to you. Klaus Schwab wrote Covid-19 The Great Reset. In the book it details how they will eliminate private home ownership for the working class. Foreign companies are buying up neighborhoods and hoarding, renting and AirBNBing properties. Rampant crime is everywhere in Vegas- look at the Metro Police Website Crime Map, its sickening. A famous rock icon lives on Rancho Dr- he said that homeless have invaded the guard gated neighborhood and police show up and say, "Sorry, hes homeless" and the perp walks away laughing. Realtor.com removed the crime map citing "racism" so you cant see the reality, 44% increase in murders in Las Vegas. Sisolak is ruing Vegas with all of the Liberal policies, mandates, race hustling and crime. Try getting a Dr appointment and good luck with that- medical care is terrible here. Dont believe the hype and DONT move your kids to Nevada CRT is in every school teachign your kids to hate themselves and each other. Oh and look up how many arrests of teachers in Clark Country for creeping on kids- its a lot!

Rooster

Spot on, weezie.

beavis

Why are we quoting REALTORs? Look to Blackstone, American Homes For rent or any other Wall Street money firms with real research for an informed opinion. Your favorite REALTOR is about as reliable as you favorite bartender (although I do consult my favorite bartender regularly).

Paris

That explains a lot of your posts on these threads.

beavis

Well, nobody sober would bother responding to you.

Paris

You prove that you aren't very sober with every post.

GlWd

Local realtors know the local market, Beavis. I happen to think they overly optimistic, though. I think Paris is right and we're in for trouble if things keep going like they are.

beavis

They only know the current inventory. Their focus is not on the supply chain,the financing or the economy overall. Blackstone has a team of highly paid analysts that I would speculate to say based on their incredible track record, as being some of the best in the world. A REALTOR hawking houses is not even in the same league and the Association knows even less.

Paris

So you googled that and now think you're an expert on Blackstone and their analysts. Try again freshman.

Paris

It's been insane. I bought my current home in May of 2019 for $319K and back then I felt I was buying at the top of the market. It was appraised for a refi at $465K last month. $100K of that increase was just last year alone. How can any first time buyer afford this? I disagree with the guy in this article predicting there will not be a crash/correction. I think it's coming. Biden's policies will see to that. Rampant inflation is simply not sustainable.

Paris

Oops I typo'd. It appraised at $437K last month. But still, you get the idea.

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