LAS VEGAS, NV (KXNT) - Even the uncertainty of the coronavirus pandemic can't stop the resurgance of the southern Nevada housing market.
New figures released by Las Vegas Realtors Thursday showed that the median price of a single family home in Las Vegas is now at an all-time high of $330,000. That's a rise of almost 9 percent from July of 2019.
“The Las Vegas housing market is not just a bright spot in the economy. It’s on fire,” , said LVR President Tom Blanchard.
Helping to drive up prices was a shrinking inventory, with the number of available homes down just under 6 percent from last month.
Strong demand and tight supply, along with attractively low interest rates are “driving the market,” according to Blanchard, who added that one factor behind the record prices is that more expensive homes are making up a larger share of the sales volume.
For a full breakdown of the housing statistics, click here.