Las Vegas, NV (KXNT) - A report released Wednesday by Las Vegas REALTORS® (LVR) shows the local housing market starting to stabilize even while home prices set another record.
LVR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during September was $406,500. That continues to move upward from the all-time record of $405,000 set in July.
The median home price is up 20.5% from $337,250 one year ago.
The median price of local condos and townhomes sold in September was $230,000.
That’s also an all-time record and up 17.6% from $195,000 in September of 2020.
“The housing market is starting to stabilize nationwide. This month’s LVR statistics suggest that we may be doing the same here in Southern Nevada,” said LVR President Aldo Martinez, a longtime local REALTOR®. “Prices are still increasing, but they’re going up more gradually than in previous months. We may be getting back to the type of seasonal trends we were used to seeing before the pandemic. Local home prices and sales typically peak during the summer and slow down a bit in the fall and winter before rising again in the spring. The pandemic disrupted this pattern last year.”
Martinez added that “local home prices have been rising much faster than incomes, and this has prompted some buyers to look for more affordable options, like condominiums, townhomes, and even renting. This is reflected in the new September median high of $230,000 for condos and townhomes.”
Meanwhile, the local housing supply remains tight, but has at least stopped shrinking in recent months. September marked the eighth straight month when there were more homes available without offers than in the previous month.
As for other trends, Martinez said the high end of the local housing market continues to outperform the overall market. In fact, he said 2021 will end up setting a new benchmark for sales of homes priced over $1 million.