Report: 2023 Was Slowest Year for Las Vegas Housing Market in 15 Years
LAS VEGAS, NV – Despite an increase in sales prices over the course of 2023, a new report indicates that the year was the slowest the Las Vegas Valley housing market has seen since 2008 – a time span of 15 years – with an 18 percent drop from 2022 alone.
According to new statistics from Las Vegas Realtors, in December 2023 the medium price of a single-family home was $449,900, an increase of approximately 6% when compared to the same month in 2022, when that amount was $425,000. However, December 2023’s prices still fall below the all-time record of $482,000, which was originally set in May 2022.
Las Vegas Realtors President Merri Perry – who recently succeeded Lee Barrett in the position – said that the fall in sales can mostly be attributed to a limited housing supply in the region, and anticipates that 2024 will see the Las Vegas real estate scene bounce back in a very real way.
It was good to see interest rates coming back down late in the year. That helps more buyers afford a home,” Perry said. “While we still need more homes on the market, many national experts are predicting at least some increase in the housing supply as we get into 2024. That should help buyers and help us sell more homes.”
Overall, 29,069 existing homes, condominiums, and townhomes were sold in Southern Nevada in 2023, a decrease of 18% from 2022, when 35,584 were sold; in contrast, 2021 saw a record-setting number of home sales for the year at 50,010.
Listings of new homes in Las Vegas saw a 10.3% decrease when compared to November, and a 30% decrease year-over-year. However, housing prices jumped 1.3% in December from the previous month and a whopping 19.5% from December 2022.
Experts are also attributing “sticker shock” to the slowdown in home sales due to elevated interest rates on mortgages. But with those rates anticipated to begin to slowly drop in the coming year, that may fuel more instances of home purchases, particularly in light of the fact that home values currently don’t appear to be dropping. After all, if rates start to drop but prices continue to increase, experts say, it’s better to buy now than in the future when prices may be even higher.
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.