Las Vegas Homes For Sale - Tragedy!

So the real tragedy to the housing market is perfectly summed up with this comment that I just received from my video last week. So this person Motor wrote, I'm 40 years old, married, make around $120,000 with my wife and I with two kids. There is no way we can afford a home anytime soon. So that person earns $40,000 more than the average American household income and still can't afford a home due to many factors. But the biggest one might be this. Chinese buyers are dominating foreign purchases of US homes. Grady Trimble Jr. Is from Capitol Hill. How much are they buying? And is Congress going to do anything about it? Billions of dollars worth, Stewart. And to answer your second question, some lawmakers say Congress does need to do something to stop Chinese nationals from buying up US real estate and to help US citizens to live out the American dream. So here are the numbers from the National Association of Realtors. They say Chinese buyers spent $13.7 billion on homes. So this is a huge problem and it's not going away anytime soon. And coming up later in the video, I'm going to tell you something that you guys definitely need to hear. What's going on my YouTube friends. This is Jerry Abbott, your number one real estate resource here in beautiful Las Vegas. Hey guys, a couple of real quick things before we dive into the video. If this is your first time to the channel and you want to learn the cold, hard facts about the US economy, the US real estate market, and specifically the Las Vegas real estate market, then make sure to subscribe to the channel down below. Number two, if you happen to like the content in today's video, make sure to press that thumbs up like button guys, that would really help the channel out. And number three, if you are thinking about relocating to beautiful Las Vegas, whether it's next month or next year, I've got your back. I'm a local real estate agent here. I've lived here for 20 years. I know every inch of this city. When that time is right for you, definitely reach out to me. Just call, text, or email me anytime. And I'll help you find that perfect dream home. Let's dive into the video. So when people are making a six figure income and can no longer afford to buy a home, that's a big problem. But here's the thing that does not mean that this big problem is going away anytime soon. In fact, take a look right next to me. We are now at the highest levels of inflation that we've seen all year so far in 2025 as housing costs soar and tariffs start to kick in. Now, as frustrating as that may be, the unfortunate reality is that we are just not going to see lower prices for anything in any sector of the economy. When inflation is this persistent and more specifically regarding the housing market, I want to show you a few examples coming up of Las Vegas homes for sale that have skyrocketed as a result of this kind of inflation that's been going on for the last several years and why it's become so unaffordable now for the average person to buy a home, even in a once affordable city like Las Vegas. All right. So before I show you a few examples of Las Vegas homes for sale, I wanted you to take a look at this bar chart here. You can see at the very bottom of the screen, it says Las Vegas median price by month. So this chart goes back one year. You can see I put two red rectangular markings on the chart. On the far left side, you can see that red rectangular area that says June of last year and the price at the very top says $475,000. Now, right next to that in July of last year, we hit our peak price for the median home price here in Las Vegas at $485,000. But the common denominator throughout the whole last year, you can see across the whole chart, we have been staying at near record or record high home prices because then you can see right here in last month of June, we have a $485,000 record high home price, which we hit a year ago. So again, prices have not moved. In fact, they've gone up just a little bit now to a new record level. And there's a reason why I wanted to show you guys this chart because a lot of people out there have been predicting for about the last year or so that home prices throughout the country, and especially in vulnerable cities like in the past, like Las Vegas has been, is that there's going to be a crash in the real estate market. Prices are going to plummet, or at the very least, there's going to be a correction. But you could see in the last year, how resilient the Las Vegas real estate market is. Even now in the last year, with a tremendous amount more inventory on the market, we're up almost 60% year over year. But take a look again on that right side, we are at record high home prices right now, currently in Las Vegas. All right, so now I'm on the popular real estate platform, Zillow, and I want to show you four examples of Las Vegas homes for sale, starting in the entry luxury category, and then working down closer to the median price point, which again is at a record high right now in Las Vegas, at about $485,000. Now again, these are just a few upcoming examples of the many examples that I'm finding here in Las Vegas to show you one specific thing. What persistent inflation has done since the pandemic from about four or five, six years ago, compared to now in terms of the home prices. So I'm going to show you this first home here, which you can see on the left side of screen is currently listed at just about $1.4 million. It's a three bedroom, three bath, nearly 2,300 square foot home. But again, I want to show you several years ago, what this home sold for compared to this current list price. All right, so take a look at the bottom of the screen in the blue highlight down at the bottom left there, the date says 10, 18, 2016. So we're going back almost nine years ago when this home was sold for a reasonable $650,000. But if you look just above it on that date on the left yellow highlight, it says 9, 25, 2024. So about eight years later, about a year or so ago, this home was listed for sale for $1,590,000. That's almost a 145% price increase. They were not able to find a buyer. You can see that they removed the listing right above it. And then as I scroll up here, you can see they've done a couple of price reductions where you can see right at the top now that the new listing price that they listed just last month is now $1,398,000. So here's why I'm showing you guys this example. Let's rewind the clock and go back nine years ago. This home was sold for $650,000. Then about eight years later, almost a year ago in late 2024, the sellers put this home on the market for a ridiculous $1.6 million. They couldn't find a buyer. They took it off the market a couple of times. And now the new price is at $1.4 million. So they reduced the price from 1.6 million to $1.4 million. So it's a $200,000 price reduction. But here's why I'm talking about this particular home. The sellers of this home are likely going to sell it for maybe 1.3, maybe 1.350, and they're still going to make a very significant profit. There is no way with high inflation in place that the home is going to come back down to $650,000. As much as we may pray for that and hope for that kind of correction or crash, it's not going to happen when we have high inflation in place. And again, that's why I want to show you guys that even though home prices are ridiculously high right now, and there's a lot of price reductions going on, the price reductions are never going to come back to those pre-pandemic levels. All right. So now let's take a look at this second example of what was a Las Vegas home for sale up until about last month, because you could see right in the top left with that red flashing arrow, it says closed. So this home closed last month. You could see on the left side of the screen for $950,000. It's a five bedroom, four bath, 3,700 square foot home. But again, down below, I want to show you the full price history here. All right. So again, take a look down at the bottom of the screen in the blue highlight down at the bottom left there, the date says 12, 29, 2017. So we're going back nearly eight years ago when this home was sold for just $564,000. But if we look just above that, you can see the date on the left side there in that yellow highlight, it says 5, 10, 2025. So just a couple of months ago, about eight years after it was sold for 564, they listed this home for sale for $990,000. They immediately got a contingent in a very short period of time. And then you could see at the top there in the other yellow highlight, they finally settled on a closing price of $950,000. So again, this is another perfect example of what inflation continues to do to the dollar. It devalues the dollar, which causes prices to skyrocket. So home prices seven or eight years ago that were 500 or $600,000 are now closer to a million dollars because inflation has skyrocketed, especially since that pandemic time period from about 2020 and on. So that's the problem with a lot of people's mindsets right now. They're thinking that we're going to crash. They think that we're going to have a correction, but when you see inflation this high and this persistent, we can't go back and roll back to those original levels from seven or eight years ago. All right. So now let's take a look at this third example of another Las Vegas home for sale. You can see on the left side of the screen, the current list price is $799,000, but just above that in that small red text, it says price cut $30,000. That just happened a few days ago. It's a five bedroom, four bath, 4,400 square foot home. But again, down below, I want to show you the full price history here. All right. So again, focus your attention down at the bottom of the screen in the blue highlight down at the bottom left there, the date says 11, 26, 2014. So we're going back 11 years ago when this home was sold for just $420,000. Now, if we look just above that in that date on the left yellow highlight, it says three, five, 2025. So just about 11 years later, the homeowners listed this home for sale for $850,000. That's basically a doubling of the price in just about 11 years, which again is a very, very big appreciation point in terms of home prices, because homes never appreciated in 10 or 11 years like that. That used to take 20 or 30 years to happen, but you could see they started to reduce the price. They removed the listing. And then you can see right there at the top where it says price change $799,000. So again, the reason why I'm showing you guys this example is that this home about 11 years ago was very reasonably priced and sold at $420,000. And now in about a decade or so it is essentially double. Now, even if the homeowner has to reduce the price a little bit more, let's say it is 775 or 750. They're still going to make a very nice profit, but more importantly, again, this is what inflation does to the dollar. It devalues it and everything skyrockets. So again, when inflation is this high, we are never going to see home prices roll back to the price points of about 10 or 11 years ago, or even five or six years ago, because inflation is so high, nothing rolls back at that point. Everything continues to either stay at that level or go higher. So now let's take a look at this fourth and final example of another Las Vegas home for sale. Now we're coming down right below the median price point, which again, here in Las Vegas right now is sitting at a record high of $485,000. So you can see on the left side of this screen, the home price is currently listed at $450,000. So we're about $35,000 below the median price point, but they just did a price cut. You could see in that small red text of $30,000. So they were at $480,000 originally. Now they're at $450,000. It's a five bedroom, three bath, 1,900 square foot home. But again, I want to really roll the clock back and show you down below the full price history here to show you again, what inflation continues to do to home price. All right. So let's look at the full price history on this particular home, because this is really kind of mind boggling. Take a look at that blue highlight down at the bottom left. The date says 3-9-1994. So we're going all the way back 31 years ago when this home was sold for just $113,000. That's when real estate prices, especially here in Las Vegas were dirt cheap. Now, if you take a look just above it, the date on the left side there in that other yellow highlight says 7-27-2021. So 27 years later, the home sold again about four years ago for $340,000. Now the sellers have just listed the home just last month where you can see it says $480,000. They were not able to find a buyer. And now that says that price change right there in the middle at $450,000. So this home is a perfect example of what persistent inflation looks like over not just the last few years, but over decades because this home 30 years ago was barely a hundred grand. And now 30 years later, it's closer to $450,000 to $500,000. Again, that's because the dollar continues to be devalued because inflation is so high. And again, this is why home prices, car prices, auto insurance, college tuition, grocery prices, everything continues to get more expensive for one reason. Inflation stays very high, especially in the last few years. So again, a lot of people keep wishing and hoping for prices to roll back to those pre-pandemic levels, but it's just not a reality because inflation being so prevalent in the economy continues to keep prices very high. And they're likely going to go higher over time. Now, here's the thing. Most of us obviously think that these are overpriced, but even if prices go down slightly, just look at that overall trajectory over the last five, 10 years, or even longer prices continue to go higher again, because of the inflationary problems. And that's just the unfortunate new normal that all of us have to deal with. Now, before I close out today's video, I just want to give a shout out to my favorite comment from last week's video. And that goes to James. I'm going to put James's comments up here on full screen, read it to you guys, and then come back on the other side and give you my thoughts. So James wrote, inflation is a thing that never reverses. Average price of a house in the USA, 78 years ago was $220,000. And now it's about double that. This is a permanent change. Same goes for energy and cars and everything. So that comment from James basically validates what I'm talking about regarding inflationary pressure and how it doesn't reverse, how it's permanent and prices continue to stay at these elevated levels without reversing course, like so many people are hoping for. Now, I want to hear from you guys. I want you to drop me a comment down below. I read and respond to all of my comments. I want to know whether or not you agree with me and James that inflation does not reverse, things will not go down, or do you think we are going to have a massive overall correction or a recession even throughout the economy, and we're going to see a price reversal, not just on houses, but everything. Try to back it up with some data. Let me know your thoughts on it. And my favorite comment from this week's video, I'm going to give a direct onscreen shout out to in next week's video. So just to close out the video, I just leave you guys with one final comment. As frustrated as we all are as to how expensive everything has gotten recently, particularly home prices, we unfortunately have to face the reality that prices are not going to roll back to where they were 5, 10, or 15 years ago. I think we all deep down know that at this point. Now, again, when it comes to buying a home, which is the biggest purchase of most people's lives, you have to decide if that's really the best move for your future or not. But the one thing again, we think we can all agree on is that home prices are likely going to go higher over the longterm. Now, again, I know buying a home, whether it's here in Las Vegas or anywhere in the country is a very personal decision. You have to really crunch your own financial numbers and weigh out the pros and cons and determine when is the right time for you to do that. Now, if you are thinking about buying a home, especially here in the Las Vegas real estate market, I've got your back. I'm a local real estate engineer. I lived here for 20 years. I know every inch of this city. When that time is right for you, definitely reach out to me. Just call, text or email me anytime. And I hope you find that perfect dream home. I'll see you in the next video.