(The Center Square) — Amidst a housing affordability crisis, Las Vegas reportedly has over $7 billion in home value on the market.
Redfin’s new report spelled out a record total value for the city’s real estate market.
“What I think has happened, we have very high prices,” said George Kiprios, president of the Vegas Realtors Association. “Our market is doing well, and the home prices are high. Inventory has grown, not a ton, but it has grown. When you combine higher home prices with more inventory, that’s how they got there.”
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The median Las Vegas metro home price is currently $448,000, down $5,000 from a January high, but up over 106% from $217,000 just 10 years ago.
Las Vegas developers, meanwhile, have underbuilt homes over the last 15
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