Las Vegas, NV (KXNT) – Another month, another new record for Las Vegas home prices.
A report released Friday by Las Vegas REALTORS® (LVR) shows local home prices continuing to set records, although they are rising more gradually than earlier this year.
LVR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during October was $410,000. The median home price is up 20.5% from $340,200 one year ago. That tops the record high set the previous month by 0.9%.
The median price of local condos and townhomes sold in October was $236,000. That’s also an all-time record and up 26.5% from $186,500 in October of 2020.
“Our home prices are still increasing, but they’re going up more gradually,” said LVR President Aldo Martinez, a longtime local REALTOR®. “Even though we’re slowing down a bit, home prices are still rising. Buyers looking for more affordable options have been turning to condominiums and townhomes, as witnessed by the median condo price of $236,000.
As we’ve been saying for some time, the rate of appreciation we’ve seen this year is great for homeowners, and the low interest rates have been great for home buyers.”
Meanwhile, the local housing supply remains tight, causing homes to sell faster than they were last year. Martinez said the current sales pace equates to a roughly one-month supply of properties available for sale.
The local housing market has been rebounding steadily for nearly a decade since hitting its post-recession bottom in early 2012. Since the pandemic, Martinez said Southern Nevada has generally followed national trends, with a shortage of homes available for sale, strong demand and historically low mortgage interest rates paving the path to record home prices.