The Las Vegas real estate market is showing signs of strength, with home prices inching closer to record territory, according to a recent report from Las Vegas Realtors (LVR). The report reveals that the median price of existing single-family homes sold in Southern Nevada in July was $480,000, marking a 6.7 percent increase from the previous year. This puts local home prices on the cusp of surpassing the all-time high of $482,000 set in May 2022.
Similarly, the median price of condos and townhomes in the area also saw a significant uptick, reaching $296,000 in July, an 8.2 percent increase from the previous year. This figure surpasses the previous record of $295,000 set in May and tied in June. Despite the rise in prices, LVR President Merri Perry noted that housing prices have been on the rise both locally and nationally, even in the face of elevated mortgage interest rates this year.
One positive trend highlighted in the report is the increase in the number of homes available for sale. By the end of July, LVR reported 4,634 single-family homes listed for sale without any offers, representing a 31.5 percent increase from the previous year. Additionally, the number of condos and townhomes listed without offers saw a significant 70 percent increase from the previous year, with 1,481 properties on the market.
In terms of sales, LVR reported a total of 2,764 existing local homes, condos, and townhomes sold in July, marking a 5.1 percent increase for homes and a 1.5 percent increase for condos and townhomes compared to the previous year. The sales pace in July equates to just over a two-month housing supply, indicating a healthy market. This is a notable improvement from the previous year when the supply was less than two months.
The report also highlighted the rebound in home sales from 2023, which was the slowest year for existing local home sales since 2008. In 2023, there were a total of 29,069 sales of existing local homes, condos, and townhomes, down from 35,584 in 2022. However, the market seems to be recovering, with sales picking up in 2024.
Despite the rise in prices and sales activity, the number of distressed sales remains low, with short sales and foreclosures accounting for only 0.8 percent of all existing local property sales in July. This is a significant decrease from previous years, indicating a healthier market overall.
Overall, the real estate market in Las Vegas continues to show resilience and growth, with increasing home prices, a rise in sales activity, and a healthy supply of homes for sale. The data from LVR provides valuable insights into the local market trends and suggests a positive outlook for the real estate sector in Southern Nevada. For more information on the Las Vegas real estate market, visit LasVegasRealtor.com.
