LAS VEGAS (KLAS) — The Las Vegas housing market is setting even more records. Las Vegas REALTORS released it’s June report Wednesday and it says the median price for an existing single-family home sold in $395,000.
That’s up $10,000 from May and up an incredible 21.5% from June of 2020.
“Housing prices are starting to exceed what many citizens of this community can afford, and any
sign of slowing down aside from a seasonal adjustment is likely attributed to not as many buyers being
able to afford a home at these prices or having the cash to come out of pocket due to lagging appraisals,” LVR President Aldo Martinez said. “We warned this would happen the closer we get to a median price of $400,000.”
The median price for a condo or townhome sold in June was $216,000 up 15.4% from a year ago. Las Vegas REALTORS say a low supply of available homes is fueling price hikes.
More investors are jumping into the market, buying homes and turning them into rentals for those who cannot afford to buy.