Question 1

How is the Las Vegas housing market?

Accepted Answer

Las Vegas has grown for decades, and that growth keeps demand for housing alive across the valley. New residents arrive for jobs, weather, and cost of living, and they need places to live. At the same time, the local economy leans on tourism, hospitality, and construction, industries that have made Southern Nevada feel cycles other markets do not always feel as sharply. The market can shift from seller-leaning to balanced and back again faster than some cities.

The honest way to describe any market is by its fundamentals: how many homes are for sale, how fast they are selling, what buyers are actually paying relative to asking price, and how those numbers are moving. Those fundamentals change every month, which means any description of the market has a shelf life. That is why I read the current data rather than quoting a stale headline.

The most useful question is not how the market is in general. It is how the market looks for your situation: what your home would sell for, what a home that fits you costs, how many competing buyers you face, and what your financing costs. Those are the numbers that should drive your decision, and they are the numbers I work through with clients.

For the current figures, the best source is the most recent monthly market report for Southern Nevada, which publishes median prices, inventory, days on market, and sales pace. I keep a plain-language summary on my Market Updates page, and I am glad to walk you through what the latest numbers mean for your situation.

Question 2

How do I read a monthly market report?

Accepted Answer

Every monthly market report is a snapshot. Before you react to any single number, check what the report actually covers: which property types, such as single family, condos and townhomes, or all of them; which geography, whether the whole valley, one city, or one price range; and what time period. Two reports published the same week can tell different stories because they measure different things.

The numbers worth your attention are the median sales price, how many homes sold, how many are for sale, and how those two combine. Days on market tells you how long homes are taking to sell. The ratio of sale price to list price tells you whether buyers are paying under, at, or over asking. Each one matters for a different part of your decision.

The most important habit is reading trends, not single months. One month is weather; a run of months is climate. A single down month after several strong ones is normal. A consistent direction over a quarter or longer begins to tell a story, and that story is what a good agent layers on top of a report.

If you want the current numbers for the Las Vegas valley, I keep a plain-language summary on my Market Updates page and I am glad to explain what the latest report means for your situation. The report is a starting point for a conversation, not the whole conversation.

Question 3

What is median price and why does it matter?

Accepted Answer

Take every home that sold in a given month, line them up by price, and the median is the one in the middle. Half of the sales are above it and half below it. Because one very expensive sale or one very cheap sale does not move the middle, the median gives you a steadier read on the market than the average, which gets yanked around by a few outliers.

The median for the whole valley is a useful temperature reading, but it is a blend of everything: condos, luxury estates, new builds, and resale homes in every corner of the metro. It tells you the general direction of the market, not the value of any particular home. That is why the median you see quoted in the news and the number that matters for your street can be very different.

When you track the median month to month or year over year, you are watching whether the middle of the market is moving up, down, or sideways. That direction, combined with inventory and days on market, tells you the character of the market better than any single number.

For the value of your own home, the median is starting context, not an answer. Value comes from recent sales of comparable homes, your condition, and your location. I can put the current numbers and your specific comps side by side on a call.

Question 4

What is price per square foot?

Accepted Answer

Take what a home sold for, divide it by its heated square footage, and you get price per square foot. It lets you compare a 1,200 square foot home and a 2,400 square foot home on something closer to a level playing field. As a first screening tool, it is genuinely useful.

Where it gets dangerous is treating it as a precise measure. A home with a large lot, a remodeled kitchen, a pool, or a view sells for more per square foot than the number alone explains. Smaller homes also tend to show a higher price per square foot than larger ones, because the land and the fixed costs are spread over less space. Two pairs of homes can have the same square footage and very different values.

Agents and appraisers use it as one lens among several, alongside age, condition, lot size, upgrades, and the recent sale prices of specific comparable homes. A home is not a stack of squares; it is a specific property in a specific neighborhood.

When you see price per square foot quoted in a market report, it is usually a summary across many sales, which averages all those differences away. Use it to sense direction, then value the actual property. For your own home or a home you want to buy, comparable sales will tell you far more than a per foot number.

Question 5

What is months of inventory and what does it mean?

Accepted Answer

Imagine 300 homes for sale and 100 selling every month. At that pace the current supply would be gone in about three months. That three is the months of inventory: the supply, expressed in the time it would take to clear it. It is the single most quoted measure of market balance for good reason.

A low number, roughly under four months in most readings, means buyers outnumber homes and sellers hold more of the cards: fewer competing choices, faster sales, stronger prices. A high number, roughly six months or more, means the opposite: more choices, slower sales, and buyers who can negotiate. Between roughly four and six months, the market is often described as balanced.

The number is sensitive to both sides of the equation. Inventory can climb because fewer people are selling, or because sales slowed. It can drop because sales picked up or because listings shrank. So a move in months of inventory tells you to look closer at what is actually changing, not just to cheer or worry.

Months of inventory also varies by price range and community. The upper tier often carries more months of supply than entry level, and a hot neighborhood can sit at a fraction of the inventory of the area around it. The number that matters is the one in your segment, which I can pull from the current data for your situation.

Question 6

What is the difference between a buyer's market and a seller's market?

Accepted Answer

In a buyer's market, inventory is high relative to sales. Buyers see more choices, more price reductions, and more room to negotiate terms like repairs or closing help. Homes take longer to sell, and sellers who want to move have to price and present their home thoughtfully to earn an offer.

In a seller's market, the math flips. Few homes are available compared with active buyers, so competition pushes prices up, homes sell quickly, and offers often come with fewer contingencies. Sellers still have to price correctly, because even a strong market punishes an overpriced home with days on market and stale showings.

The single most common measure of which market you are in is months of inventory, joined by days on market and the ratio of sale price to list price. No single number speaks for the whole valley, and the balance can differ between entry level, the mid range, and the upper tier, and between one community and another.

The word that describes the market matters less than what it means for you. In a buyer's market, strategy is about patience and leverage. In a seller's market, strategy is about timing, pricing, and presenting your home to its best buyers. The right plan follows the numbers, not the label.

Question 7

What is absorption rate in real estate?

Accepted Answer

Absorption is simply the pace of sales. In a typical report, the absorption rate is the number of homes that sold in the month, and it is frequently combined with active inventory to calculate months of inventory. Think of it as the speed of the market, while inventory is the volume waiting in line.

A fast absorption rate in your segment means buyers are acting: homes are going under contract quickly and competition is real. A slow rate means homes sit longer, buyer activity is lighter, and sellers competing in that segment need a stronger pricing and presentation plan.

Absorption is more useful at the neighborhood and price range level than valley-wide. When I evaluate a specific home, I want to know how fast homes like it are absorbing in its area, because that tells a seller how to price and tells a buyer how quickly they need to move on a good fit.

It also matters to investors evaluating risk and to buyers wondering whether to wait. Pace can change month to month with season and rate moves, which is why the current reading matters more than a memory of last year's pace.

Question 8

What do housing inventory levels tell me?

Accepted Answer

Inventory is the raw supply side of the market. When inventory is low, buyers compete for fewer homes, sellers see faster sales, and prices have more support. When inventory grows, buyers gain choices, homes take longer to sell, and sellers have to compete harder for attention.

Inventory counts mean the most when you read them with context: how fast homes are selling, what the mix of homes is, and where the inventory sits. A climb in entry level inventory means one thing, a climb in the upper tier another, and new construction inventory behaves differently from resale.

The level of inventory also influences behavior. A buyer in a low inventory market learns to act quickly on a good fit; a buyer in a high inventory market can afford to be picky. A seller facing rising inventory usually wants to price precisely from the start, because time works against them.

For Las Vegas specifically, inventory has moved in clear cycles tied to interest rates, new construction, and the broader economy. The current level in your price range and community is the number that matters, and it changes every month, so the freshest reading is the only one worth acting on.

Question 9

How do interest rates affect the Las Vegas market?

Accepted Answer

For most buyers, the monthly payment is the real price of the home. A rate change moves that monthly payment even when the price stays the same, so when rates rise, a buyer who could afford a certain home can suddenly afford less of one. That constraint ripples through the entire market.

When higher rates cool demand, sellers see fewer qualified buyers and homes can take longer to sell. Some sellers respond by pricing more carefully, some by offering concessions, and some by waiting. Buyers, meanwhile, often shift their search to lower price points, which is why the effect of rates is not uniform across the price spectrum.

When rates fall, the reverse happens: buying power grows, more buyers enter the market, competition rises, and prices find more support. That is why rate news moves markets even before a single buyer changes their plans, because anticipation changes behavior too.

The honest read is that rates matter, and so do employment, inventory, seasonal patterns, and local growth. In Las Vegas, affordability and mortgage rates are especially sensitive because the market serves a high share of move-up and first-time buyers who finance most of the purchase. For the current rate picture, look to your lender's latest numbers and to the market data on my Market Updates page.

Question 10

What is a balanced market?

Accepted Answer

Every housing market sits somewhere on a line between a buyer's market and a seller's market. A balanced market is the middle of that line: roughly as many homes available as buyers ready to act, with no strong advantage on either side. The most common practical measure is months of inventory in the middle band, often described around four to six months.

In a balanced market, homes that are priced and presented well sell in a reasonable time, and buyers who are prepared with financing and a clear set of priorities can negotiate. Neither side gets a blank check. Sellers cannot assume a bidding war, and buyers cannot assume heavy price cuts.

Balance is not a fixed destination. The market drifts across it as interest rates, season, and employment change the flows of buyers and sellers. A valley-wide label of balance can also hide segments that are clearly one-sided, so the balance that matters is the one in your price range and community.

For a buyer or seller, a balanced market is actually a comfortable place to work from: outcomes respond to preparation more than luck. Sellers win with precise pricing and a clean, presentable home. Buyers win with early financing, a clear list of priorities, and the ability to move when the right home appears.

Question 11

How often do Las Vegas home prices change?

Accepted Answer

There is no calendar for price changes. The median price in the monthly reports moves when the mix and level of sales move, and that happens every month regardless of whether the direction changes. Some months the median rises, some it falls, and many it barely moves, which is why one month proves nothing.

For a specific home, price is set by agreement: what a buyer is willing to pay and a seller is willing to accept. That changes as new sales close, because each closed sale becomes evidence for the next one. A home that sells this week quietly influences what its neighbors can ask next month.

Las Vegas prices have historically moved in cycles rather than a straight line, with stretches of strong gains, stretches of sideways movement, and corrections in between, tied to the local economy and national market forces. Within those cycles, month to month movement is usually modest, which favors patience over panic.

The practical answer is that prices are adjusting all the time, in small increments, and the way to see them is through trends across several months, not through any single report. For your own home, the relevant question is what similar homes actually sold for recently, which changes as recent sales close.

Question 12

What drives Las Vegas home prices?

Accepted Answer

At the core, price is supply and demand. Demand in Las Vegas runs on population growth: new residents arriving for jobs, retirement, and lifestyle, and existing families moving up, downsizing, or relocating within the valley. Supply is the flow of homes available, from resale listings to new construction deliveries, plus the pace at which owners decide to sell.

Affordability is the bridge between desire and price. A buyer wanting a home matters less than a buyer who can qualify for the payment, so interest rates, wages, and employment set the ceiling on how much demand can actually push prices. When the payment math tightens, demand softens even in a growing city.

The local economy matters more in Las Vegas than in many markets because so much of the job base sits in tourism, hospitality, construction, and the services around them. Those industries move with the broader economy, and their ups and downs have historically shown up in housing demand faster than in more diversified metros.

Finally, expectations move prices in the short run. When buyers believe prices are rising, they act sooner; when they believe prices are cooling, some wait. In my experience, the best strategy ignores the noise and watches the fundamentals, which is why the current data on supply, pace, and affordability tells us more than any forecast.

Question 13

How does seasonality affect the Las Vegas housing market?

Accepted Answer

Buyers and sellers follow the calendar more than they realize. Families prefer to move in the warmer months so children can settle before school, and that preference drives a surge of listings and sales from spring into early summer. More activity usually means more competition for the best new listings.

In Las Vegas, summer adds a local twist: the heat itself can slow showings at the hottest times of day, though air conditioning keeps the market moving year round. Fall brings steady activity and often the last serious push before the holidays, and the winter stretch is typically the quietest for volume.

Seasonality affects activity far more than it affects value. Fewer sales in the quiet months can pull the monthly median around, and a slow month can look alarming on a chart when it is simply the calendar. The fundamentals, inventory, pace, and affordability, do the real work on price.

For strategy, seasonality is an input, not a verdict. There is no bad month to list in Las Vegas; there are months with more showing volume and quieter months with less competition and often more serious buyers. The right timing balances the calendar with your particular situation.

Question 14

How do I know if now is a good time to sell in Las Vegas?

Accepted Answer

Start with the market, specifically your segment: how long homes like yours are taking to sell, how close sales come to asking price, and how much inventory competes with you. Those three tell you whether conditions favor a seller like you right now, and they change month to month.

Then add your numbers. How much equity have you built? What will selling actually cost? Where are you going next, and does that plan depend on the sale proceeds? A strong market does you no good if your next purchase or your budget is not ready, and a softer market can still work for a seller with equity and a plan.

Timing also depends on why you are selling. A family move, a job change, retirement, or a life transition has its own clock, and trying to time the market around it usually costs more in stress than it saves in dollars. The best plan fits the market to your timeline, not the other way around.

There is no signal that says now, exactly, for everyone. What I can do is put the current data next to your specific situation: your equity, your costs, your options, and your goal. If the numbers line up, we price it and present it to win. If they do not, we say so and plan the gap.

Question 15

How do I know if now is a good time to buy in Las Vegas?

Accepted Answer

The market half of the question starts with the same fundamentals: how much inventory is available in your price range, how fast homes are selling, and how close sales come to asking. Those tell you whether you will be competing hard or choosing freely, and they shape how an offer should be built.

The personal half matters more. Can you make the payment at today's rate without strain? Do you have the down payment and closing costs handled? Is your job stable, and do you plan to stay in the home long enough for the costs of buying to make sense? A great market cannot fix overstretched finances.

There is also the difference between timing the market and timing your life. Waiting for the perfect moment usually means paying rent while you wait, and prices and rates move while you do. If rates later drop, refinancing can lower your payment, but you cannot buy the waiting years back. Buying a home that fits your budget and your life is generally a better goal than catching a bottom that only exists in hindsight.

I am glad to run the real numbers with you: the payment at current rates, closing costs, neighborhood fit, and a five year view of the total cost of owning versus renting. That comparison, done honestly, answers whether it is a good time for you better than any market forecast.

Question 16

New construction vs resale inventory: what is the difference?

Accepted Answer

New construction enters the market in waves, by community, as builders open phases and deliver homes. Builders set their own prices, run their own incentives, and can choose to slow sales rather than cut prices, which is why new home pricing does not always follow the resale market, and vice versa.

Resale inventory comes from individual decisions: owners listing for moves, changes, or goals. It is far more varied, driven by life events and market conditions, and it reflects what established neighborhoods actually offer, with mature landscaping, established communities, and varied floor plans.

The two kinds of inventory matter together because buyers often choose between them. When new construction deliveries are high, some buyers leave the resale market for new homes, easing competition for existing homes. When builders slow down, resale inventory carries more of the demand.

For strategy, treat them as two different shopping experiences. New construction calls for understanding builder contracts, base versus final price, and timelines, while resale calls for comparing specific homes, condition, and neighborhood. I help clients weigh both against their budget and timeline.

Question 17

What are housing market leading indicators?

Accepted Answer

Economists split housing signals into leading and lagging indicators. Leading indicators move before the market does: building permits, new listing counts, rate trends, employment growth, and in-migration are the ones I watch. They hint at the direction of future supply and demand.

Building permits tell you how much new supply is on the way. Employment and migration tell you how much future demand is forming. Rate direction tells you whether buyers are gaining or losing affordability. Each one is a clue, and together they sketch the next chapter of the market before the sales data confirms it.

Lagging indicators, like closed sales and median price, confirm what already happened. They are the most reliable record of the past and the slowest to turn. That is why a market can look strong in the sales report even as the leading signs have already softened.

I use leading indicators to prepare clients, not to promise outcomes. If permits and inventory are climbing, we plan for more buyer choice. If employment and migration are strong, we plan for competition. The market can surprise, but good planning uses every honest signal available.

Question 18

How do supply and demand work in housing?

Accepted Answer

Supply and demand are the two forces that set price and pace. Supply includes resale listings, new construction, and even the homes owners might sell if conditions change. Demand includes the buyers currently in the market, moved by population, jobs, affordability, and confidence.

The interaction shows up in months of inventory, the cleanest single number for balance: how long the current supply would take to sell at the current pace. Low months of inventory means demand is absorbing supply quickly. High months of inventory means supply is piling up relative to buyers.

Rates shift demand more than anything else in the short run, because a buyer's affordable price changes with the payment. Population and employment shift it in the long run. Supply adjusts more slowly, driven by listings, construction, and owner decisions, which is why markets often overshoot in both directions.

For an individual, supply and demand matter at your level: your price range, your community, your home type. The valley-wide balance can be irrelevant to a three bedroom home in the neighborhood you want. The data that matters is the data for the segment you are actually in.

Question 19

What is the difference between list price and sale price?

Accepted Answer

List price is a seller's decision, ideally a strategic one: set too high and the home lingers, set right and it attracts buyers and competition. Sale price is the market's answer, agreed between buyer and seller after negotiation, inspections, and appraisal. They are related, but they are not the same number.

The relationship between them, the sale to list ratio, is a market signal. When homes consistently sell at or above list, demand is strong and sellers hold more cards. When they sell under list, buyers have more room and pricing strategy matters more. The average moves with the market's balance.

A home selling above list does not automatically mean it was underpriced, and selling below list does not mean it was overpriced. Pricing is a strategy, and the sale price reflects how the marketing, condition, and competition met the market on that specific home.

For buyers, the lesson is to value the home from comparable sales, not from the asking price. For sellers, the lesson is that list price sets the first impression, and the market sets the final word. I price to evidence so the first impression and the final number stay close together.

Question 20

What does days on market mean?

Accepted Answer

Days on market, often shortened to DOM, counts the days a listing is active before it goes under contract. It is a direct measure of sales pace: quick absorption shows up as low DOM, slow absorption as high DOM. It is one of the first numbers agents check when sizing up a market.

For sellers, DOM is the scoreboard of pricing and presentation. Homes priced and presented in line with the market go under contract quickly, while overpriced or poorly shown homes accumulate DOM, and each week of accumulation makes the next offer harder, because buyers read time on market as a signal.

For buyers, DOM is leverage. A home sitting for many more days than its neighbors suggests room to negotiate and a seller who may be ready to deal. A home under contract in a week tells you competition is real and an offer needs to be strong from the start.

Read DOM with context: season, price point, and condition. An upper tier home naturally takes longer than an entry level home, and the quiet months run slower than the busy ones no matter what. Compare the number to what is normal for your market at that time.

Question 21

What is a coming soon listing?

Accepted Answer

Coming soon is the staging period of a listing. The agent may put up a sign, share the home privately, and build a buyer list, while the listing is not yet active in the full market. The goal is to generate interest and, in a strong market, a prepared buyer ready to act the moment the home goes live.

Used honestly, coming soon helps a seller test interest and coordinate timing, for example preparing the home or aligning an upcoming move, without the pressure of an active listing clock. It is most effective in markets where buyers are waiting and watching.

Used poorly, coming soon can become a way to shop the home off-market or to mask a slow market, which helps no one. Buyers should know that a coming soon home is not yet available for showings or offers under the standard rules, and sellers should know the local rules around what marketing is permitted before the listing is active.

The value of coming soon depends on the market's balance at the moment. In a seller-leaning market it can build real anticipation. In a balanced or buyer-leaning market, the full active listing with broad exposure is usually the stronger play.

Question 22

What do year-over-year market comparisons tell me?

Accepted Answer

Housing is seasonal, so comparing this January to last December is comparing different seasons. Year over year compares a month to the same month a year earlier, which puts the two snapshots on the same part of the calendar. That is why analysts quote YoY changes.

A twelve month comparison also captures a full cycle of the market: a full round of seasons, holidays, and typical buyer patterns. When you hear that prices are up or down a certain amount, it is almost always a YoY number, because it is the most honest single comparison.

The same lens improves the story of inventory and pace. YoY inventory compares how much supply there is now versus a year ago, and YoY days on market shows whether homes are selling faster or slower than the same time last year. Both filter out calendar noise.

The limits are the same as any number: the comparison blends the whole market, and a year is a long time in real estate. YoY tells you the broad direction; your segment's recent months and current conditions tell you what is happening now.

Question 23

How do luxury home sales affect the market?

Accepted Answer

The number of luxury sales in any month is small relative to the total, so even several large closings do not directly change what a typical Las Vegas home sells for. What they can change is the median: a cluster of high end closings can lift the valley median for a month even when prices everywhere else are flat.

Luxury sales matter more inside the luxury tier itself. Each closed sale in a price range becomes evidence for the next, so a run of strong luxury sales supports values in that segment, and a quiet stretch softens them. That is where the real effect lives.

Perception is part of it too. Headlines about record sales shape buyer and seller expectations, and expectations influence behavior, from pricing to urgency. But a headline from a high end community says little about entry level demand or the middle of the market.

The practical lesson is to read the market at the level that applies to you. If you are buying or selling in the luxury tier, the luxury numbers matter. If you are in the typical range, watch the inventory, pace, and affordability that shape your segment.

Question 24

What is the Las Vegas luxury market doing?

Accepted Answer

Luxury means different things in different parts of Las Vegas: a penthouse downtown, a golf estate in Summerlin, a custom home on the ridge lines of Henderson. Because the segment is small and varied, a handful of sales can swing its monthly numbers, which is why luxury data needs a longer view than the mass market.

Luxury buyers tend to move on their own timelines, less driven by school years and more by life changes, relocation, and portfolio decisions. That makes luxury activity steadier across seasons, and also slower in volume: fewer buyers, longer deliberations, and fewer relevant comparisons for any single property.

Value in luxury is built differently. Views, lot, privacy, construction quality, and amenities do far more of the work than price per square foot, so appraisals and comparisons lean on judgment as much as numbers. Pricing a luxury home well requires deep knowledge of the specific community.

For the current direction of the luxury market, the number to watch is the pace and price of sales in the specific communities and price band you care about, not the valley median. That is the data worth discussing, and I am glad to walk through it with you.

Question 25

How do cash buyers affect the market?

Accepted Answer

A cash offer carries real advantages: no loan approval to wait on, a faster and more certain closing, and often fewer contingencies. For a seller, a strong cash offer can be worth choosing even at a slightly lower price, because it removes financing risk. That is why cash changes negotiations even when it is a minority of offers.

Where cash is most visible in Las Vegas is among investors and second home buyers. Investor purchases in particular often cluster in certain price ranges and neighborhoods, and those clusters see faster sales and stronger competition. The share of investor and cash sales is a useful figure to watch in the reports.

A rising cash and investor share does not automatically raise prices for everyone. Investors buy to a return, and they will not overpay for a property that does not cash flow, which actually disciplines pricing at the investment level. Their activity affects those market segments more than the typical buyer's home.

For most buyers, cash competition matters mainly when it appears on the same home you want. That is where strategy counts: a financed buyer can still win with a strong offer, a good earnest deposit, and a lender who can close on time. Cash is an advantage, not an automatic victory.

Question 26

What is an investor's share of the market?

Accepted Answer

Market reports sometimes break out how much of the buying is investor activity: purchases where the buyer is not planning to live in the home, typically for rental income or resale. That share is tracked by price range and area, because investors cluster where the numbers work.

A growing investor share usually accompanies strong rental demand, because rents are what make investment purchases work. It tends to rise when prices are climbing and when investors expect continued growth, and it can cool when financing costs rise or returns thin out.

For a homebuyer, the investor share matters when it affects the homes you want: if a meaningful share of your price range is going to investors, you may face more competition from buyers with cash and flexible timelines. That changes how a strong offer needs to look.

For a seller, investor demand is a second market for your home: if the rental numbers work, investors may compete alongside owner occupants, widening your buyer pool. For an investor, the share of the market they occupy is simply context for the competition you will face.

Question 27

How do I choose the right market metric for my decision?

Accepted Answer

The first rule is to start with the decision, not the data. Are you pricing a home to sell? Then comparable sales, sale to list ratio, and days on market for your segment matter most. Are you deciding whether you can afford to move? Then the payment math, closing costs, and your equity are the numbers that count.

Balance questions, like whether to wait or move now, lean on months of inventory and its trend. Timing and market direction lean on the leading indicators. Value questions always come home to recent comparable sales, because a market average cannot price a specific home.

The trap is using the wrong metric for the question: quoting the median for what your home is worth, or the sale to list ratio for whether you can afford the payment. Every number answers its own question well and other questions poorly.

In practice I choose the metrics by building the decision first: what you want, on what timeline, with what constraints. Then I pull the two or three numbers that bear directly on it. That is how data becomes a plan instead of a blur.

Question 28

What should I ask my agent about the local market?

Accepted Answer

Start with the balance: how many months of inventory exists in your price range and community, and whether it is rising or falling. Follow with pace: how many days homes like yours take to go under contract, and how close sales come to asking price. Those three questions tell you who holds leverage.

Ask for the evidence behind the advice. For a seller, ask for the recent comparable sales that support a target price, including what was adjusted and why. For a buyer, ask how the offer should be structured given current competition, and what the neighborhood's typical sales say.

Ask how the market is changing, not just where it is: rising or falling inventory, faster or slower days on market, and what the leading signs look like. A market is a movie, not a photograph, and the direction matters as much as the level.

Finally, ask what it means for you and how they would proceed. The delivery matters: a confident, specific answer backed by current data is what you want. A vague answer wrapped in hype is the sign to keep interviewing.

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