Is the Las Vegas High-Rise Market a Buyer's Market?

Is this a Buyer's Market?

For mid to lower Las Vegas high-rise segments (units not at the very top, or without ultra-luxury amenities), I’d say it’s getting close to a buyer’s market, or at least a more balanced market. Buyers in the more moderately-priced high-rise market can expect more choice, more room to negotiate, and more time to make decisions.

For luxury high-rise units, it’s more of a mixed picture — still expensive, fewer concessions, especially in premier buildings. So if you’re shopping in those you may not see as much “buyer leverage” there.

Though demand is still present—especially for high-end or luxury units—the drop in total sales suggests many potential buyers are priced out or waiting.  Interest rates, economic uncertainty, and HOA/maintenance costs are fueling buyer hesitation. (While not always stated outright, these are typical influencing factors in similar markets.)

What keeps it from becoming a full buyer’s market?

Even though things are cooling, there are still strong sub-markets:

• Luxury/high-end units with strong locations and prestigious amenities are still commanding high prices.
• Buyers are still willing to pay premium dollars for top buildings. 
• Buildings that allow STR (short-term rentals)like MGM, Platinum and Vdara often maintain higher demand. 
• Limited inventory still persists in highly desirable developments.

Even though inventory is up overall, in many high-rise luxury buildings the number of available units remains relatively low. You can see what's available in each building using our handy Las Vegas Building Directory, and contact me anytime to discuss your specific situation.