LAS VEGAS (KLAS) — The prices for Las Vegas homes and condominiums are the same as one year ago, according to the monthly report released by Las Vegas REALTORS.
The report shows the median price of a single-family home sold in September 2023 was $450,000, the same in September 2022. The record high for home prices was $482,000 in May 2022.
Condos and townhomes show the same plateau with a median price of $270,000, the same as a year ago.
“We should probably get used to the current housing market since it’s not likely to change much anytime soon,” LVR President Lee Barrett said. “Hopefully, some of our national experts are right in predicting that interest rates could begin to come down a bit sometime next year.
What has changed is the number of homes listed for sale with no offer. In September, there were 4,066 homes, down nearly 50% from last year. Condos and townhomes were down 44% from a year earlier. The report also shows sales were down 10% for homes last year but up 5.5% for condos and townhomes.
Condos and townhomes sold in September 2023 for a median price of $270,000, the same price as one year ago. The all-time high of $287,00 was set in August.
Close to 28% of all the sales in September were cash transactions, slightly up from a year ago but nowhere near the peak it reached in May 2013 when cash sales were nearly 60% of sales.