Las Vegas, NV (KXNT) - The COVID-19 pandemic has brought a stop to many things in southern Nevada, but one thing even a pandemic can't slow down is the Las Vegas real estate market.
New figures from Las Vegas Realtors shows the average sale price of an existing single family home in September was $337,250. That's a 9 percent rise from September of 2019, and an all-time record high for the valley.
Real estate observers attribute the continued rise in prices to a lower inventory. The number of homes available for sale remains “well below” the six-month supply that’s generally considered to represent a balanced market. At the end of September, just under 4,800 homes — not including condos or townhomes — were listed for sale without an offer, down 35% from September 2019.
“Local home prices keep setting records, which is remarkable when you think about the challenges we’re facing,” said Tom Blanchard, president of Las Vegas Realtors.“The pause during the beginning of the pandemic seems to have pushed the traditional summer sales season into the fall.”
The price rise wasn't limitied to single family homes, either, as prices for condos and townhomes saw an increase of 14 percent year to year,