Home Prices in Las Vegas Drop Year-Over-Year as Prices Nationally Inch Higher
LAS VEGAS, NV – According to the S&P Cotality Case-Shiller index released earlier this week, home prices in Las Vegas dropped year-over-year in September, despite a national trend where prices have been continuing to creep upwards amid an overall sluggish real estate market.
Home prices in Southern Nevada decreased by 0.69 percent in September when compared to the same period of time one year prior, in contrast to the 1.29 percent increase much of the rest of the country reported during that same span of time, as per the S&P report.
National real estate dealings overall experienced their weakest performance since mid-2023, with markets that were previously considered “pandemic darlings” due to their high prices and demand during COVID-19 – such as Las Vegas, among others – now seeing their asking prices decreasing, in contrast to major metropolitan areas in the Northeast and Midwest, which have traditionally remained stable over the years.
Ultimately, the S&P report speculates that these developments represent a “reversion to pre-pandemic patterns where job markets and urban fundamentals drive appreciation rather than migration trends and remote-work dynamics.”
Las Vegas was one of many areas in the country that saw an explosion of home-buying activity during the pandemic, driven in large part by cheap borrowing costs; at its peak, buyers were snapping up homes left and right, regularly bidding far over asking prices and at times even doing so without ever having actually set eyes on the property itself. As a result of the intense demand, home prices in March 2022 jumped an astonishing 28 percent year-over-year.
However, as mortgage rates began to rise, the market began to cool, and by March 2023 Vegas home prices were down five percent from the year before.
Prices have still remained relatively high overall in Las Vegas, but are they expected to continue to decrease as buyers and sellers “are paralyzed by high prices and economic uncertainty,” according to the S&P report; as a result, buyers are no longer willing to pay top-dollar for homes in the region – the median price in Vegas last month was $474,370 – “because they simply can’t afford it.”
Shelter Realty Property Management specializes 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.
Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management