Prices for Southern Nevada homes reach record high, but fewer homes being sold

Local News

LAS VEGAS (KLAS) — The median price for a single-family home sold in June was a record $325,000, breaking the previous top record of $319,000 which was set in March.

According to a report released by Las Vegas REALTORS, despite the coronavirus pandemic, house sale prices were higher, but fewer homes sold compared to the same time last year.

“The demise of the housing market due to COVID-19 was highly overrated. The Las Vegas housing market is alive and well,” said 2020 LVR President Tom Blanchard. “Home sales increased nearly 45% from last month. We’re also adding homes to our overall inventory. The inventory may still be tight, but buyers are willing to pay more for a home here.”

The trend is similar for local condos and townhomes, which sold for a median price of $187,250 in June. While not a record, that’s up 5.3% from June of 2019.

Blanchard said it helps that the local housing market was on solid footing when Nevada declared a state of emergency in March, with home sales running ahead of last year’s pace and existing local home prices finally breaking their all-time record of $315,000 set back in June of 2006. In addition, 80% of homes sold within 60 days of being listed.

A total of 2,934 existing local homes, condos and townhomes were sold during June compared to the same time last year, June sales were down 15.1% for homes and down 35.0% for condos and townhomes.

Even with fewer homes available, Blanchard said the homes on the market is below the six-month supply considered to be a balanced market.

According to LVR, the median price of existing single-family homes sold in Southern Nevada hit a post-recession bottom of $118,000 in January of 2012 before rebounding.

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