A home for sale is shown in a residential area near Wigwam Avenue and Buffalo Drive Thursday, June 9, 2022.
Sunday, Feb. 5, 2023 | 5 a.m.
The median sale price of a single-family home in the Las Vegas area was $425,000 in January, according to figures released this morning by the Las Vegas Realtors trade group.
The price is 2.3% lower than the median sale price of $435,000 in January 2022, and transactions continue to decline from a record median price of $485,000 in May.
“What a difference a year makes,” Las Vegas Realtors President Lee Barrett said in a statement. “After seeing mortgage rates rise for several months, rates settled down recently. We’re still seeing more homes listed for sale and fewer people buying — especially when you compare what’s happening now to where we were a year ago. Last year at this time, our home prices were setting records every month and had gone up by about 26% year over year.”
Barrett noted that while prices are on a decline, they are still more than triple than the median rate of $118,000 when Nevada hit a post-recession bottom in January 20212.
The group’s report indicates the median sales price of townhomes and condos this January was $255,000, a $4.9% increase from 2022.
The group says 1,723 existing local homes, condos and townhomes were sold in January, which in comparison to January 2022 was down 48.3% for homes and down 44.0% for condos and townhomes.
It also reports 5,450 single-family homes listed for sale without any offers at the end of January, an increase of 199.3% from the same time last year.
