LAS VEGAS (KLAS) — Prices for existing homes continue to rise in the valley, with the median price for a single-family home hitting $425,000 in December.
That’s a $5,000 increase from November, and sets an all-time record yet again as a record year for home sales closes.
A record 50,010 properties changed hands last year — 2,000 more than the previous record in 2011, according to Las Vegas REALTORS (LVR).
The price has climbed more than 23% over December of 2020, when the median price was at $345,000.
“It’s remarkable, especially considering this record was set during a pandemic, when local home
prices have never been higher and the housing supply has rarely if ever been lower,” LVR President Brandon Roberts Roberts said.
Even condos and townhomes are seeing their highest values, with a median price of $242,000, up more than 30% over December 2020, when they were at $186,000.
December figures show a shift toward condo and townhome sales.
Homes continue to sell at a hot pace, and only about a one-month supply of homes.
Homes have been selling faster than in previous years. In December, more than 90% of all existing local homes, condos and townhomes sold within 60 days.
And it’s not just fixer-uppers that are flying off the shelf — luxury homes have outperformed the rest of the market. Last year saw record sales for homes priced over $1 million — more than double the number sold during 2020.