Las Vegas home sales continue upward price trajectory
(The Center Square) – The hot streak continues for Las Vegas home prices.
A new report from Las Vegas REALTORS finds the median price of existing single-family homes during June was $475,000. That is an increase of 7.7% from June of 2023 when the median price was $440,990.
June’s data was also up from May 2024, when the median sale price for an existing, single-family home was $473,000, and $469,000 in April. Those months were also up from the same times last year.
LVR President Merri Perry pointed out in a news release that this comes even with mortgage interest rates rising this year.
“Fortunately, our local housing market has been outperforming most of the country in a few key ways,” said Perry. “For example, home sales have been down nationally and approaching some of the lowest levels on record.”
The median price of Las Vegas condominiums and townhomes sold in June was $295,000. That is up from $275,000 in June 2023, an increase of 7.3%, and ties an all-time high set in May. Like with existing single-family homes, these were also up from earlier this year.
“Here in Southern Nevada, we’ve been selling more homes this year than we did last year, and unlike much of the nation, homes here have actually been selling faster than they were at the same time last year,” said Perry. “At the same time, we’re seeing more homes available for sale, which is good news.”
The number of what the market calls distressed sales also remains near historically low levels. For instance, short sales and foreclosures combined amounted to just over one percent of all existing property sales in June. It was 1.2% in 2023, 0.5% in 2022, and 0.7% three years ago.
2023 was the slowest year for existing Las Vegas home sales since 2008. There were 29,069 sales of existing properties in 2023, down from 35,584 in 2022. That was after a record year for existing local home sales in 2021 when LVR said 50,010 total properties were sold.
