Las Vegas home prices rise to record at $406,500, but market shows signs it is stabilizing

Local News

LAS VEGAS (KLAS) — Home prices increased again in September as the market showed signs it is starting to stabilize, according to Las Vegas REALTORS (LVR).

The median home price increased to $406,500, just $1,500 over August prices. The increase established yet another record for the valley.

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, up 17.6% from $195,000 in September of 2020.

“Prices are still increasing, but they’re going up more gradually than in previous months,” said LVR President Aldo Martinez. “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 noted that the housing market is starting to stabilize nationwide.

LVR reported a total of 4,078 existing local homes, condos and townhomes sold during September. Compared to one year ago, September sales were down 1.9% for homes and up 19.7% for condos and townhomes.

The monthly statistics from LVR focus on sales of existing homes and do not include new home sales.

September marked the eighth straight month when there were more homes available without
offers than in the previous month. By the end of September, LVR reported 3,463 single-family homes listed for sale without any sort of offer. That’s down 27.8% from the same time last year. The 628 condos and townhomes listed without offers in September was down 58.8% from one year ago.

Homes continue to sell at a faster pace than last year. Martinez said the current sales pace
equates to just over a one-month supply of properties available for sale.

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