Here in Clark County, inventory is still creeping up. We are a long way from a buyers market but we have more than month's work now and a traditional healthy inventory is 4-5 months. Things remain tight but buyers are starting to pass on overpriced listings and properly priced listings are getting a few offers hovering in the vicinity of asking.
Overall we seem to be heading in a more healthy direction. Buyers are struggling with rising rates and sellers seem to be sensing the top of the market. Economic conditions still seem favorable for housing but a recession is almost inevitable at this point and that may slow the market a bit more, possibly leading to a modest dip in prices or at least a flat market for a few months to a year.
The median home price in Clark County is hovering around $560k with median household income at $78,000. The median household can purchase the median home but they will have to have strong credit and few or no other debts to pull it off. With a recession on the horizon, wages may flatten out and that alone will tug back on this crazy bull run in local real estate.
I would advise buyers to be prepared to stay in their home for at least a few years just in case we have to ride out a market downturn. Owning a home remains an excellent way to build wealth but there are times when patience is required to make that dream a reality.
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