STEVE MARCUS / LAS VEGAS SUN FILE
The Concord Group, a national real estate consulting firm, says foreclosures of existing homes, like these in Henderson, are making it hard for builders to sell new homes. The company thinks the local new-home market will recover within three years, later than some local experts predict.
Tuesday, June 6, 2023 | 5 a.m.
Las Vegas Real Estate
The median sale price of a single-family home sold in the Las Vegas area in May was $442,120, according to a report this morning from Las Vegas Realtors.
That’s a 2.8% increase from the median price in April but down 8.3% from the all-time record transaction price of $482,000 from May 2022.
“Prices have now increased for a couple of months in a row heading into what is usually our strongest selling season,” said Lee Barrett, the realtor trade group’s president. “It seems safe to say that we’re bouncing back from the bottom of this recent downturn.”
A small increase of 1.9% to $275,000 was also reported in the median price of condos and townhomes, the group said. That’s still down 3.5% from the report high of $285,000 in May 2022.
The report indicates 3,645 single-family homes are listed without an offer at the beginning of June, marking a 2.1% increase from May 2022. For condos and townhomes, it’s 925 listings — a 16.1% increase from a year ago.
