Las Vegas, NV (KXNT) – The median price of a pre-existing single-family home in December in Las Vegas was $449,900, according to new numbers released Tuesday by Las Vegas Realtors.
That figure is slightly lower than November but was a year to year gain of 6 percent from 2022.
Overall, though, 2023 was a slow one for home sales, as higher interest rates kept buyers from buying and sellers from selling. In fact, according to LVR, 2022 was the slowest year for home sales since 2014.
Real estate experts say if interest rates start to come down, it will encourage more people to buy. Higher interest rates have also kept possible sellers from putting their homes on the market for fear of being saddled with a higher interest rate in a new property.
The median price for condominiums and townhomes dropped $5,000 from November to December, and are now at $270,000.