How much did a house cost in Las Vegas before the pandemic?

The median price of a house in Southern Nevada has gone up $162,541 or about 50 percent since the pandemic started in 2020, according to historical data from Las Vegas Realtors.

The median price of a single-family house that sold in December 2019 was $312,990. The median price of a home in October of this year was $475,531, 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).

The average sale price of a home sold in the United States in the fourth quarter of 2019 was $384,600, a figure that has risen to $501,100 at the end of the third quarter of this year, according to the Federal Reserve Bank of St. Louis. This is an increase of approximately $116,500 in four years.

Mortgage rates for an average 30-year fixed term loan currently sit at 6.7 percent also according to the Federal Reserve Bank of St. Louis. The last time rates were this high before the pandemic was 6.6 percent in August 2007 before the Great Recession.

Last year Southern Nevada had its worst year of real estate sales since the Great Recession started in 2008, and sales are on pace for another slow year in 2024, however should end up higher than last year.

The real estate community is divided on the impact a Trump administration will have on the housing market as the president-elect has vowed to build more homes across the country but has yet to provided specific details as to how he will achieve that policy objective.

Las Vegas’ residential real estate market has been on a “wild ride” for the past five years but could finally be getting off the roller coaster that started during the pandemic, according to new statistical analysis from Zillow.

The Las Vegas market recently entered more “balanced territory,” said Kara Ng, a senior economist with Zillow, noting this is the first time buyers and sellers have been on “neutral territory” in years; however, home prices are still on the rise and could still break previously set records.

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.