“Most sellers in Las Vegas are willing to negotiate—anywhere from 5% to 10% off their list price,” said local Redfin Premier agent Fernanda Kriese. “Sellers are offering buyers money for mortgage-rate buydowns, along with other concessions. Homes listed below market value get multiple offers and are snatched up in two to four days, but homes priced $5,000 to $10,000 over market value are sitting for 30 to 60 days longer.”
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Las Vegas, a pandemic boomtown, has seen its housing market cool after the homebuying frenzy of 2021 and 2022. However, other markets remain competitive. In San Jose, CA, three in four homes (75.8%) sold in April went for more than their asking price, up from 61.6% a year earlier and the highest share among the metros Redfin analyzed.
Rochester, NY, followed at 72.8%, and Oakland, CA, at 69.7%. Nationwide, one-third (33.5%) of homes sold in April went for more than their asking price.
A recent Redfin survey found that 74.4% of its agents believe the 2024 housing market is shaping up to be more favorable for sellers than buyers. This sentiment is likely because sellers are fetching record-high prices for their homes. The survey, conducted by Qualtrics in April-May 2024, included responses from roughly 300 Redfin Premier agents.
