Las Vegas, NV (NV) - More powerful than a pandemic: the Las Vegas real estate market.
New numbers out Friday from Las Vegas Realtors show that the average price of a single family home in Las Vegas hit a record high of $340,200 in October, up 0.9 percent from the previous record, set just last month. It was the 5th consecutive month that home prices have hit a new high.
The October 2020 average price was a 10.8 percent gain over October of 2019.
Local condos and townhomes sold for a median price of $186,500 in October. That’s up 8.9% from $171,250 in October of 2019.
“COVID-19 appears to have extended the typical summer buying period by several months,” said 2020 LVR President Tom Blanchard, a longtime local REALTOR®. “The continued demand in our housing market is still not being met and is putting upward pressure on home values. Although we see increased permits by local homebuilders, they are still not meeting the demand that is out there.”
Blanchard added that Nevada Gov. Steve Sisolak’s order allowing open houses to resume throughout the state starting October 1st is also helping the local housing market and may prompt more homeowners to put their properties on the market.
Other factors at play in driving the price gain: demand continues to outdo supply, record low mortgage rates continue to be available, and high-end home sales are working to push the overall average up.