Las Vegas home prices hit another record high

Usual factors playing a role in the continued increase
A formerly "for sale" home is now off the market
A home is sold Photo credit Feverpitched/Getty Images

Las Vegas, NV (KXNT) - Another month, another new record for Las Vegas home prices.

A new report released Wednesday by Las Vegas Realtors showed the average price of an existing single-family home in June was $395,000, up 2.6 from the previous high set in May.

The average price is up more than 21 percent from June of 2020.

The same factors continue to be in play when it comes to the rising value of homes; a small supply, a high demand, and continued low interest rates.

Las Vegas Realtors’ President Aldo Martinez doesn’t see Southern Nevada’s market “slowing down as some sources have suggested, though he does see the effect of rising prices on prospective buyers.”

Martinez said that home prices are “starting to exceed what many citizens of this community can afford, and any sign of slowing down aside from a seasonal adjustment is likely attributed to not as many buyers being able to afford a home at these prices or having the cash to come out of pocket due to lagging appraisals,”

The median price of local condos and townhomes sold in June was $216,000. That’s up 15.4% from $187,250 in June of 2020.

LVR reported a total of 4,486 existing local homes, condos and townhomes sold during June. Compared to one year ago, June sales were up 43.8% for homes and up 100.6% for condos and townhomes. So far this year, local home sales are on pace to exceed last year’s total.

Featured Image Photo Credit: Feverpitched/Getty Images