Valley home prices continue record growth with average price now $420K

Local News

LAS VEGAS (KLAS) – The Las Vegas real estate market continues to set records. The average home sale price last month was $420,000.

Not only do home prices continue to rise here in the valley, but the interest in the luxury market is also booming.

Even homes costing $3 million don’t stay on the market long.

Industry experts say Nevada is becoming more appealing to out-of-state buyers.

Jared Bybee’s family was looking for a change of pace and recently moved from California to a multimillion-dollar home.

“The city is just so full of growth and it was enticing,” Bybee said. “You do have to take into account cost of living, state income tax.”

Many of the people finding Las Vegas appealing are showing up in town with a lot of cash.

“In the last 30 days alone we have sold 121 properties in the $1 to $3 million range,” realtor Tam Gonzalez said.

Gonzalez added that 100% of her luxury buyers are from California.

The average home costing over $1 million was $1.4 million, according to Gonzalez. And those homes are not sitting on the market long.

“The pandemic made people take a look, not only at their finances, at global economics,” Gonzalez said. “But at the amenities in their house if they were going to be locked down.”

Las Vegas Realtors President Aldo Martinez says so far this year the most million-dollar homes have been sold in one year locally. That does not include December sales.

“We are being supported by an increase in jobs and income,” Gonzalez said. “We have those professional sports teams, we have an influx of buyers from California, supply chain issues, limited space to build so that has really kept our values stable and climbing.”

Both Martinez and Gonzalez expect prices to continue to rise through 2022 as the inventory remains low.

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