With the Presidential election approaching, the economy and housing affordability are hot topics on voters’ minds. If you plan to sell your home, you might wonder how the upcoming election will influence the housing market. While elections can create uncertainty, historical data shows that the housing market remains resilient, and any impacts are typically brief. 

Let’s take a closer look at the potential effects of the election, particularly here in Southern Nevada. 

It’s common to see a slight slowdown in home sales leading up to an election, as some buyers may wait to see how the results will impact the economy. Data from the Department of Housing and Urban Development (HUD) shows that this slowdown is temporary. After 9 of the last 11 Presidential elections, home sales rebounded, and activity picked up the following year.

Hypothetical growth of $1 invested in the S&P 500 Index

Source: Dimensional

For Southern Nevada, where the median sales price of a single-family home in August 2024 reached $476,875, near pandemic-era highs, this is particularly relevant. The local market has remained strong, and any election-related lull is likely to be short-lived. 

A key concern for home sellers is whether election years will lead to declining home prices. Home prices generally rise over time regardless of an election year. After 7 of the last 8 Presidential elections, home prices have shown to increase. 

Southern Nevada’s market is driven by local factors, and with demand for homes still high, prices are expected to hold steady, regardless of the election outcome.

Mortgage rates are often a focal point during elections, as they impact buyers’ purchasing power. Freddie Mac data shows that mortgage rates declined between July and November in 8 of the last 11 election years. For sellers, lower rates mean more buyers may enter the market, increasing demand for homes. 

With mortgage rates on the decline and further decreases forecasted, now might be the perfect time to begin your home-buying journey. If you're ready to explore your options and find the ideal rate for your needs, don’t hesitate to reach out. As your dedicated real estate expert, I’m here to guide you every step of the way and work closely with Evergreen Home Loans to ensure you get the best rate possible. By acting when rates align with your goals, you'll be well-positioned to secure a great deal.

The housing policies of Vice President Kamala Harris and former President Donald Trump both include proposals that could impact the housing market. Trump’s plan focuses on reducing mortgage rates by tackling inflation, opening federal land for development, and providing tax incentives for first-time buyers. Harris’s plan emphasizes cutting red tape to accelerate housing construction and offering first-time buyers up to $25,000 in down payment assistance. 

Election years can create uncertainty, but the housing market has consistently shown resilience. In Southern Nevada, both home prices and mortgage rates are likely to remain favorable, regardless of the election outcome. If you’re ready to sell, there’s no need to delay. Reach out to your trusted Coldwell Banker Premier Realty real estate advisor to help you navigate the market confidently and take advantage of ongoing demand.