Las Vegas, NV (KXNT) – It’s been a rather stagnant market lately for home sales in southern Nevada, but that didn’t stop prices from surging in November, according to new figures released Tuesday by Las Vegas Realtors.
The median price of a pre-existing single-family home in Las Vegas rose to $488,995 in November, a jump of nearly $15,000 from October, and topping the record of $485,000 last seen in May OF 2024.
Condo and townhomes also saw prices rise by close to $19,000 from month to month.
“Even with this new record for our median home price, overall trends have been shifting more in favor of home buyers,” LVR President George Kypreos said. “We’re selling fewer homes. We have more homes available for sale. And we saw a nice dip in mortgage interest rates last week. All of this benefits people who are prepared and can afford to buy.”
The jump comes in spite of the fact that the number of available homes continues to rise.