Las Vegas, NV (KXNT) – After several months of little movement, valley home prices saw a sudden jump in February.
New numbers released Wednesday by Las Vegas Realtors showed that the median price of a previously existing single-family home rose by $15,000 in February to $460,000.
That’s a jump of 3.4% from January, and an 8.2% increase from February of 2023.
The market has been flat for months as high interest rates kept buyers skittish from jumping in and sellers hesitant to let go of their properties. In fact, 2023 was the slowest year for home sales in the valley since 2008.
There was a sudden surge in sales last month. For single-family homes, sales were up 10.1% over a year ago. For condos/townhomes, sales were up 17.8%.
For condos and townhomes, the median price in February was $283,000, a jump of 11% from February of 2023.