Las Vegas home prices remain at record levels in December

Local News

LAS VEGAS (KLAS) — Home prices remain at record levels in Las Vegas through December, according to new figures from Las Vegas Realtors (LVR).

The median price of single-family homes sold in Southern Nevada was $345,000, matching November’s all-time high. And nearly 85 percent of single-family homes, condos and townhomes sold within 60 days. Information provided by LVR does not include sales of new homes.

Single-family home values have risen 10.2 percent since December 2019.

And LVR President Aldo Martinez sees trends continuing.

“I think we surprised a lot of people with how the local housing market not only held up, but set records, during an otherwise rough year for our community and our local economy,” Martinez said.

“I don’t see much changing in the early part of 2021,” he said. “Demand for housing remains high. Our housing supply and mortgage interest rates are still very low. As long as these trends continue, it’s a good bet that local home prices will keep rising.”

Prices for condos and townhomes dropped slightly from November, but remained 4.5 percent over December 2019 levels.

A low supply — about one month’s sales, according to LVR — is contributing to higher values. The supply is about 41 percent down from December 2019 levels.

LVR reported a total of 4,097 existing local homes, condos and townhomes were sold during December. Compared to the same time last year, December sales were up 26.7% for homes and up 30.9% for condos and townhomes.

And cash sales — an indicator of outside investors — remained at levels comparable to last year — 20.2 percent, slightly down from 21.8 percent in 2019.

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