Las Vegas, NV (KXNT) - Single-family homes in the Las Vegas valley sold in December at a median price of $475,000, according to new numbers from Las Vegas Realtors. Condominiums and townhomes declined to $290,000.
After setting a record median price of $315,000 in October, the median price for condos has dropped by $25,000, while single-family homes declined month to month by $5,000.
A year ago, single-family homes closed 2023 at a median $449,900.
Homes have appreciated 5.6% over the past year. For condos/townhomes, prices are 7.4% higher than a year ago, when the median price was $270,000.
The southern Nevada housing market has been able to withstand interest rate pressures that could have slowed price growth. The number of available homes has also increased as the year went on, LVR said.
LVR President George Kypreos said that prospective buyers are benefiting from steady prices and an increase in the number of homes available for sale since last year.