Las Vegas Sun file photo
After a period of relative stability, home prices in the Las Vegas Valley are headed down again.
Tuesday, March 7, 2023 | 5 a.m.
The median sale price of a single-family home in Southern Nevada was just under $425,000 in February, as more homes became available for sale and fewer changed hands compared to the same time last year, according to a report today from Las Vegas Realtors.
Local home prices leveled off in February, the trade group said in a release, with a median sale price of $424,995 for single-family homes and $255,000 for condos and townhomes — down 5.6% and 1.9% from February 2022, respectively, and nearly identical to January data.
Additionally, single-family homes for sale without any offers are up by almost 170% from February 2022, for a total of 4,665. Condos and townhomes listed without any offers have seen an even bigger jump from a year ago — 265.5% — for a total of 1,555.
“The local housing market is much more balanced now than it has been in recent years,” said Lee Barrett, Las Vegas Realtors president, in a statement. “Instead of sellers having the advantage, buyers are now in a better position, since prices have stabilized and we have more homes on the market. We’ve now seen two straight months of stable home prices.”
A total of just over 2,100 homes, condos and townhomes sold locally in February, which is an approximate 32% decrease for home sales compared to a year ago, and about a 33% drop for condo and townhome sales, according to the report.
It’s also an increase from last month, when less than 2,000 local homes, condos and townhomes were sold.
“It was also encouraging to see sales increase from January to February, while new listings continue to decline,” Barrett said in a statement. “Even with mortgage interest rates reaching 7% recently, this shows a strong underlying interest in owning a home here in Southern Nevada.”
