Las Vegas, NV (KXNT) – As the inventory of available homes grows in southern Nevada, the median price is dropping, according to new figures released Wednesday by Las Vegas Realtors.
According the LVR, the median price of a pre-existing, single-family home in Las Vegas in April was just shy of $474,000, down around $6,000 from March.
The all-time record median home price in Las Vegas was set last November at just below $490,000.
The median price for a condos and townhomes was $290,000, down around $5,000 from March.
“Our LVR data shows that the local housing market is softening a bit, especially at lower price points,” LVR President George Kypreos said. “But when you look at the big picture, demand for homes here remains strong, and we could still use more homes to serve the steady stream of people moving to Southern Nevada. We still have fewer than 10,000 properties ready for sale. That’s not a lot in a community of about 2.5 million people.”
More supply and less demand is driving the drop in price, with a larger amount of available homes for sale - 6.6 percent more in April than in March, according to LVR.
