Las Vegas, NV (KXNT) – The median price of a pre-existing, single-family home rose by more than $9,000 in July, according to new numbers released Tuesday by Las Vegas Realtors.
Even though interest rates remain high, steady demand combined with a smaller inventory of available homes to fuel the increase. The median value of a pre-existing single-family home in Las Vegas is now $450,000.
The all-time median price was set in May of 2022, when prices hit $482,000.
Conversely, the median price for condos and townhomes dropped by $1,500 month to month, to $273,500
LVR says that in July, 83.2% of homes and 85.6% of condos/townhomes sold within 60 days. That’s down from a year earlier when 95.2% of homes and 95.7% of condos/townhomes sold within 60 days.
Cash buyers made up a quarter of all sales, down from one third one year ago.