Las Vegas. NV (KXNT) – The median price of a previously existing, single-family home in Las Vegas in December was $425,000, according to new numbers released Friday by Las Vegas Realtors (LVR).
The new number is a drop of 1.4% from November’s median price, and matches what the median price was in December of 2021.
Las Vegas hit a record back in May, when the median price reached $482,000. Higher interest rates since then have cooled the market off, with an ever-growing inventory of available homes also causing prices to drop.
“At the same time, people should know that these things are cyclical and that the sky is not falling. With prices leveling off and more homes available for sale, we’re seeing a more balanced market that makes things easier for buyers. It’s also a supply issue. We have more listings and fewer buyers,” LVR President Lee Barrett said.
Sales for homes, townhomes and condominiums were down just over 50% in December vs. December of 2021.