Home Prices in Las Vegas Continue to Increase, New LVR Report Says
LAS VEGAS, NV – Las Vegas Realtors (LVR) released a new report this week showing that home prices within the Valley are continuing their trend of increasing in 2024.
According to the report, LVR notes that in March the median price of existing single-family homes sold through its Multiple Listing Service in Southern Nevada was $465,000, which represents a 9.4 percent increase year-over-year, when that amount was $425,000. This, however, still falls below the all-time record set in May 2022, when the median price of homes in Las Vegas hit $482,000.
When it comes to condominiums and townhomes sold in Las Vegas during the month of March, the median price was $282,500, which was a jump of 8.7 percent over March 2023’s amount of $260,000; last month’s prices are starting to approach the Valley’s all-time record originally set in August 2022, which was $287,000.
LVR President Merri Perry noted in the organization’s report that following the slowdown that it experienced in 2023 – owed in large part to low inventory and high mortgage rates – the Las Vegas housing market is showing renewed signs of momentum and a return to form in 2024.
Although prices have been rising recently, they’re still below the all-time high we hit in 2022,” she said. “One of our biggest issues continues to be our housing supply. As we’ve been saying for a long time, it would help our local housing market if we had more homes to sell.”
There were 3,323 single-family homes listed for sale without any offers at the end of March, according to the LVR report, which represents a whopping 20.8 percent drop year over year; on the condo and townhome front, that number came in at 1,179, an increase of 6.9 percent from March 2023.
And to wrap things up, there were 2,672 existing homes, condos, and townhomes sold in Las Vegas during the month of March, a decrease of 11.8 percent for homes and 1.8 percent for condos and townhomes, respectively, from one year ago. The Southern Nevada market currently has less than a two-month housing supply, which is about on par with how the market was last year
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.
About the Author
Christopher Boyle is an investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher helps keep a keen-eye on what's happening in the Las Vegas Nevada community on behalf of Shelter Realty Inc.