Las Vegas home prices nearing record highs despite stubborn interest rates
(The Center Square) – Las Vegas home prices were near record territory last month, with local condominiums and townhouses already at that level.
Data from Las Vegas REALTORS shows the median price for existing single-family homes sold in July was $480,000. That is an increase of 6.7% from July 2023, when the median price was $450,000. The record is $482,000 in May 2022.
As for condominiums and townhomes in Las Vegas, the median price was $296,000, up from $273,500 in July 2023. That is an increase of 8.2%.
“It looks like prices for homes here in Southern Nevada will soon follow what’s already occurred with condos and townhomes, which have been at record levels since May,” LVR President Merri Perry said in a press release.
May’s record was tied in June. That is despite elevated mortgage interest rates in 2024.
“One bright spot for home buyers in this month’s report is that we continue to see more homes hitting the market and available for sale,” said Perry.
4,634 single-family homes listed for sale in July did not have any offer. That is up from 31.5% during the same month last year. The 1,481 condominiums and townhomes listed and without offers was up 70% from one year ago.
According to LVR, home sales have been rebounding from 2023, the slowest year for existing sales since 2008.
LVR distributes statistics monthly based on information collected through its multiple listing service (MLS). Data does not include newly constructed homes that were sold by Las Vegas area builders or homes that were sold by owners.
