Las Vegas, NV (KXNT) – In a town that loves a hot streak, nothing is hotter than the Las Vegas housing market, with prices setting another new record in January.
New figures released Tuesday by Las Vegas Realtors showed that the median price of a previously owned single-family home was $435,000 in January, up 2.4 percent from the previous record high set just the month before in December
The median price was up $90,000 year to year, with the same factors contributing to the continued price growth – low supply, high demand, and attractively low interest rates.
LVR says that in January, 30% of all local property sales were purchased with cash, according to LVR. That’s up from 21.3% one year ago.
Condos and townhomes were up slightly, selling for $242,000 -- just $1,000 more than in December. Still, that's up 25.9% over January 2021, when the median price was $193,000.
Overall, a record 50,010 residential properties, including houses, condos and townhomes, were sold in 2021, up 21.5 percent from 2020, Las Vegas Realtors reported.