It’s May and exciting times in the Las Vegas home market. The median home price went up last month for single-family homes, and movement has been slow but steady in the right direction! With that news in mind, let’s talk about what median home pricing really means.
The Breakdown: Median Home Prices
Median home prices are not the same as average home prices. The median compares the highest home price on the market with the lowest home price. What you find in the middle between the high and the low is the median point, which is different from the average. And just remember that less expensive and more expensive homes still exist.
The median home price going up slightly is good news for a few different reasons. It’s true that inventory remains low, and multiple offers are happening again. But it’s much more stable because there is not this major swing of cash buyers pushing up home prices. Buyers are not paying more than market value, and sellers are seeing home prices go up slightly. All in all, the market is looking good.
The news is currently reporting that those who have a higher credit score may pay more on a loan than those who have a lower credit score. My best advice is to not listen to the mainstream media, whose primary job is ratings, but reach out and listen to a local mortgage expert in your area who can walk you through your specific numbers. Your situation is going to be unique to you, so you want to know your specific numbers. If you don’t have a lender that you trust in Southern Nevada, I know several who are local and will walk you through every step of the process. Reach out to me and I will connect you with a lender who cares and knows what they’re doing.
Moving Away from Las Vegas?
I’ve spent the last few years curating a list of worldwide luxury real estate agents. If you are moving anywhere in the U.S. or the world, I know some of the best luxury real estate agents who will make you feel like the king or queen that you are. Reach out and I will get you connected with some of the best around the world.
Watch the May market for more on FICO scores, median home prices, and the Las Vegas market. Reach out to me with any questions here, and follow me on Youtube to be the first to catch the next market update and Las Vegas news.
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