Median Las Vegas home prices fall back to mark at end of 2021
A home for sale is shown in a residential area near Wigwam Avenue and Buffalo Drive Thursday, June 9, 2022. Photo by: Steve Marcus
Friday, Jan. 6, 2023 | 5 a.m.
The median price of an existing home in Las Vegas was the same at the end of last year as it was at the end of 2021.
A report released by the Las Vegas Realtors trade group Friday showed that the price of a home at the end of last month was $425,000, the same as it was at the end of December 2021.
The December figure was down just slightly — about 1% — from what it was in November, the report showed.
The record median price for a Las Vegas home is $482,000, a mark that was set in May.
Lee Barrett, president of the trade group, said rising interest rates in recent months have caused a “contraction” in the market.
As of Thursday, the average interest rate for a fixed 30-year mortgage in the United States was 6.48%, according to government data provided by Freddie Mac.
A year ago, that rate was close to 3%.
“People should know that these things are cyclical,” Barrett said in a statement. “The sky is not falling. With prices leveling off and more homes available for sale, we’re seeing a more balanced market that makes things easier for buyers. It’s also a supply issue. We have more listing and fewer buyers.”
The median price for a Las Vegas Valley condominium or townhome came in at just under $247,000 at the end of last month, which was down 5% from November, but up 2% from December 2021.
The record median price for a condo or townhome is $285,000. That record was set in May as well.
At the end of December, over 6,200 detached homes were listed for sale without any type of offer.
That was up 176% from the same month in 2021.
Las Vegas Realtors officials estimate that about a four-month supply of homes are now available, close to quadruple what was on the market at the end of 2021.
A little under 35,600 homes, condos and townhomes sold in Southern Nevada last year, a decrease of over 14,000 from the total recorded in 2021.
About 22% of all local property sales were purchased with cash last month, according to the report. That was down from 28% in December 2021.
The price of a home in Las Vegas is close to four times what it was when the housing market here bottomed out in 2012.
Early that year, the median price of a home was just $118,000.
Formerly called the Greater Las Vegas Association of Realtors, the trade group has over 17,000 members. It was founded in 1947.