Las Vegas housing prices rise due to shrinking housing supply

Local News

LAS VEGAS (KLAS) — Demand is high and supply is short when it comes to the local housing market.

According to the October report from the Las Vegas REALTOR, the median price for an existing single-family home sold in Southern Nevada set another all-time high record at $340,200, that’s up nearly 11% from the same time last year.

“COVID-19 appears to have extended the typical summer buying period by several months,” said 2020 LVR President Tom Blanchard, a longtime local REALTOR®. “The continued demand in our housing market is still not being met and is putting upward pressure on home values. Although we see increased permits by local homebuilders, they are still not meeting the demand that is out there.”

Prices are also up for condos and townhomes. The median sales price was $186,500 compared to $171,250 in Oct. 2019. Slightly more than 19% of the homes sold were cash sales which is slightly less than one year ago.

Nearly 4,000 existing homes, condos and townhouses were sold in October and the number of available homes for sale remains below the six-month supply considered to be a balanced market. According to LVR, the current housing supply equates to roughly a 1.5 month supply of homes available for sale.

Blanchard added that Nevada Gov. Steve Sisolak’s order allowing open houses to resume throughout the state starting Oct. 1 is also helping the local housing market and may prompt more homeowners to put their properties on the market.

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