Las Vegas, NV (KXNT) – Prices are rising everywhere you look, but the median price of a home in Las Vegas is actually dropping, according to new numbers released Tuesday by Las Vegas Realtors.
The median price of a pre-existing, single-family home in Las Vegas in March was $480,000, down $2,000 from February.
In contrast, the median price of a condo or townhome was $295,000, an increase of $10,000 from February.
Even though median home prices were down slightly, the president of Las Vegas Realtors remained optimistic about the overall Las Vegas housing market.
“With mortgage rates rising since the conflict with Iran started, the housing market is facing some new headwinds, but the fundamentals of the local housing market remain strong,” LVR President George Kypreos said.
“As this month’s sales numbers show, Southern Nevada continues to be an attractive place to buy a home. We see solid demand for homes here. That’s even more apparent whenever interest rates start to go down,” Kypreos said.
Working in the favor of the buyer was a larger available inventory to choose from. LVR said that at the end of March, close to 6,500 single-family homes were listed for sale without any sort of offer. That’s up nearly 20% from a year earlier.
Condos, townhomes see an increase in price
