Southern Nevada condo, townhome prices heat up to record highs in May

The median sale price of local condos and townhomes in Southern Nevada reached an all-time high of $295,000 in May — up more than 7% from the same time last year and toppling the previous record of $290,000, which was set in April, only a month before, according to a Thursday report from Las Vegas Realtors.

Local home prices are continuing to heat up with more homes available for sale, a release from the organization reads. The median price of single-family homes sold was $473,000 in May, an increase of 7% from the same time last year.

“Although the demand for housing here in Southern Nevada continues to outpace our supply, increased sales and inventory are positive signs for consumers and for our members,” Las Vegas Realtors President Merri Perry said in a statement.

Over 3,000 existing local homes, condos and townhomes sold last month, up 3.7% and almost 1%, respectively, from May 2023, per the release. Almost 3,900 single-family homes and exactly 1,324 condos and townhomes were listed for sale without any sort of offer by the end of May, for an increase of more than 6% and over 43% from May 2023, respectively.

Existing local home sales are rebounding from 2023, their slowest year since 2008, according to Thursday’s release.

“The sales pace in May equates to less than a two-month housing supply, which is similar to one year ago and still considered a tight supply by historical standards,” it reads.