Home sale prices rise again in Southern Nevada, report says

Home sales and the number of new listings on the market in Southern Nevada are on the rise, according to the latest statistics from Las Vegas Realtors.

Prices for all types of homes including condos and townhomes rose again in October, according to LVR. LVR reported 2,458 existing homes, condos and townhomes sold in October, up 12.9 percent for homes and 13.9 percent for condos and townhomes, compared with the same month last year. The sales pace in October equates to a housing supply of just over three months. That’s up from last year at this time, when Southern Nevada had just over a two-month housing supply.

LVR President Merri Perry said the outcome of the presidential election should jolt the market out of its current stasis, one way or another.

“It will be interesting to see what happens to the housing market now that the election is ending, since many national reports have suggested that uncertainty surrounding the election has made many would-be buyers pause their plans,” she said. “As this month’s report shows, recent trends are showing steady increases in inventory and sales surpassing last year’s levels.”

The median price of an existing single-family house sold in Southern Nevada was $475,531 in October, a 5.9 percent increase from October 2023, when the average price was $449,000. The all-time high was set in May 2022 ($482,000).

Condo and townhome price broke another record high this year as the median price sold in October was at $315,000. This is a 14.3 percent increase from $275,500 in October 2023 and beats out the previous high of $299,500 set in September.

Las Vegas finds itself in the middle of a housing crisis due to a number of factors including high interest rates, a lack of land as the federal government controls most of the valley, a slowdown in building and mortgage rates still hovering around 7 percent.

At the end of October there were 5,784 single-family homes listed for sale without any sort of offer in Southern Nevada, a 37.3 percent from one year earlier. The 1,799 condos and townhomes listed without offers last month represent a 50.5 percent increase from one year ago.

LVR said the real estate market is hoping to bounce back after a disastrous year of sales last year, the worst on record since the Great Recession of 2008.

“For most of 2024, home sales have been ahead of the pace set in 2023,” read the report. “LVR reported a total of 29,069 sales of existing local homes, condos and townhomes in 2023. That was down from 35,584 total sales in 2022. That followed a record year for existing local home sales in 2021, when LVR reported 50,010 total properties were sold.”

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.