LAS VEGAS, NV – After many months of home prices in Las Vegas steadily increasing to the point that they were seemingly going to finally catch up to – and perhaps even exceed – their record high point, a new report from Las Vegas Realtors (LVR) shows that August saw the value of homes in Southern Nevada actually dropped for the first time in a while.
In July, the median price – that is, the amount directly in the middle of the current average – of an existing single-family home in Vegas hit $480,000, coming within a mere $2,000 of matching the all-time high point of $482,000 originally set in May 2022. However, LVR reports that August saw the median price drop over $3,000 to $476,875, a development that many experts were not expecting to occur.
In addition, the median price for condominiums and townhomes also decreased in August, with that amount at the end of the month coming in at $292,000, a $4,000 decrease from July’s median price.
LVR President Merri Perry said that housing prices in Las Vegas could potentially finally be showing signs of lowering after values skyrocketed for an extended period of time, generating affordability concerns amongst many families and first-time homebuyers.
For the most part, home prices have been rising locally and nationally this year, even with mortgage interest rates being higher than they were in previous years,” she said. “We’re hoping homes will soon become at least somewhat more affordable for buyers – assuming interest rates start to decline this fall as national experts are expecting.”
On Thursday, online real estate broker Redfin reported that lenders have already started incorporating interest rate cuts that the Federal Reserve is planning to implement starting from September of this year through 2025, so current interest rates – which as of Thursday, are 6.73 percent for a 30-year mortgage – are probably the lowest they will be for some time.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.