Las Vegas, NV (KXNT) – A slide in the median price of a pre-existing home in Las Vegas took a pause in January
A new report by Las Vegas Realtors released on Tuesday had the median price at $425,000, unchanged from December.
Condos and townhomes showed a 3.3% increase in price compared to December, rising from $246,950 to $255,000 in January.
"What a difference a year makes," said 2023 LVR President Lee Barrett. "After seeing mortgage rates rise for several months, rates settled down recently. We’re still seeing more homes listed for sale and fewer people buying – especially when you compare what’s happening now to where we were a year ago. Last year at this time, our home prices were setting records every month and had gone up by about 26% year over year."
Median prices for pre-existing single-family homes hit an all-time high of $482,000 in May of 2022, but have been on the decline ever since, thanks to higher interest rates and an increased inventory of available homes on the market.