LAS VEGAS (KLAS) — The median price of a home sold in Southern Nevada in November set a new record price of $420,000, which is up nearly 22% from one year ago, according to a report released by Las Vegas Realtors on Tuesday.
Condominium sale prices also set a new record at $240,000 which was up more than 20% from November 2020.
LVR President Aldo Martinez said he agrees with experts who say home prices are expected to increase at a “gentler pace” over the next several months as mortgage interest rates rise.
“We’re probably looking at more modest growth for 2022,” he said. “If our median home
prices continue to go up by double digits in 2022, it’ll be the first time we’ve had three straight years of
double-digit price growth in more than a decade. The closest we came to that was in 2012 and 2013.”
The housing supply remains tight. At the end of November, there were 2,805 homes listed for sale which is down more than 25% from last year at the same time.
Martinez said luxury homes continue to sell very well. Already, an all-time record for sales of homes of more than $1 million has been set for 2021.