Are you wondering if now is the right time to sell your luxury home in Las Vegas? When it comes to buying and selling luxury real estate, timing matters. Listing your home when demand is soft could have an impact on its time on the market and, ultimately, what you earn from it.
A luxury real estate team can help you read the market and make sure you’re listing your home for sale at the best time. Learn more about the best time of year to sell your home, and how to make sure you get the best price for your home.
Is Now a Good Time to Sell Your Home?
If you’re asking yourself “Is it a good time to sell my home?” you have a lot of factors to consider before making the final decision. Things like the overall health of the market, the average time to sell a home in that market, and even the time of year can all have an impact on the sale of your luxury home.
The State of the Local Market in Las Vegas
The luxury home market in Las Vegas is holding relatively steady compared to previous years, with over 2,000 homes selling for more than $1 million and the majority of luxury homes selling for somewhere between $1 million and $2 million.
The market in Las Vegas is also growing rapidly. In January of 2023, the supply of homes for sale grew by over 240%. With more and more people moving to the area, the demand for homes will continue to increase as well.
Because of this, people looking to sell their luxury homes in this market can rest relatively easily, knowing that now is a good time to start the process.
Average Time to Sell a Home in Las Vegas
Although the overall housing market in Las Vegas is holding strong, the average time a home stays on the market also impacts the sale. In general, luxury homes stay on the market for longer than other homes do, but that may not always be the case.
In the first quarter of 2023, luxury homes in Las Vegas were on the market anywhere from 30 days to over 100, depending on the neighborhood and other factors. In July of 2023, homes in MacDonald Highlands, the Summit Club, and the Ascaya neighborhoods took between 70 and 100 days on the market to sell.
To help you gauge how long homes are staying on the market, talk to a professional luxury real estate agent. They can give you up-to-the-minute information on the average time it takes to sell a home. They can also build marketing strategies to help you beat that average.
Best Time of Year to Sell a Home
The best time of year to sell a home also depends on several factors. If you’re looking to sell in a neighborhood that has a lot of families, for example, you may want to get ready to sell in the summer, as families with school-aged children are looking to move before the school year starts.
For the Las Vegas luxury real estate market, the best time of year to sell a home may be slightly different. Based on housing data for the region, the best month to sell your home in Las Vegas is December, when people can often sell their home for roughly 45% more than the average price.
It can take some time for your home to actually sell. If you’re looking to sell in December, you would want to list it sometime in late August or September to make sure it has time to sell.
If you want to sell your home fast and are willing to budge a little on price, the best time of year to sell a home is also different. Data suggests that the best month to sell your home quickly is in May, so listing it in January or February would be ideal.
Selling Your Home in Las Vegas
No matter when you decide to sell your luxury Las Vegas home, a professional real estate team can help you get it done faster. List with IS Luxury today to get our team’s full expertise and help you get the best deal for your home.