Las Vegas Sun

July 18, 2024

Median price for Las Vegas homes up 10 percent over a year ago

January Real Estate Sales

This file photo from February 2016 shows a Las Vegas home for sale.

The median sale price of local condos and townhomes reached an all-time high of $290,000 last month, up nearly 8% from April 2023. That’s an increase of several thousand dollars from the previous record set in 2022, as reported today from Las Vegas Realtors.

The median sale price of existing single-family homes in Las Vegas in April was $469,000, an almost 10% increase from the same time last year.

“Mortgage rates have been slowing down home sales this year, so it’s good to see more homes and condos selling,” Merri Perry, president of Las Vegas Realtors, said in a statement. “Overall, demand continues to outpace the supply of homes here in Southern Nevada, and that’s driving up prices.”

Sales were up more than 19% for homes and over 16% for condos and townhomes, compared to April 2023. Nearly 3,000 existing homes, condos and townhomes sold in April, per the report.

The increase in sales comes on the heels of 2023, which Las Vegas Realtors reported as the slowest year for existing local home sales since 2008.

Nearly 3,500 single-family homes and exactly 1,248 condos and townhomes were listed without offers in Las Vegas by the end of April, representing a 7% decrease and a 29.5% increase, respectively, from the same time last year.

Total sales values were up in April by 35.4% for homes and 28.5% for condos and townhomes, according to Tuesday’s release. The total value of local real estate transactions was $1.4 billion for homes and $193 million for condos and townhomes.