Las Vegas home prices only $2K off all-time record high
Las Vegas home prices are now $2,000 off an all-time record high that was set back in 2022, according to the latest data from Las Vegas Realtors.
The median price for a single-family home in Southern Nevada that sold during November through the LVR-controlled Multiple Listings Service was $480,000, a 6.7 percent increase from November of last year ($450,000) and close to the all-time high of $482,000 which was set in May 2022.
Las Vegas finds itself in the middle of a housing crisis with a number of factors squeezing the market including high interest and mortgage rates, a lack of land to develop and competition from California buyers with increased purchasing power.
Last year was Southern Nevada’s worst year for sales since the Great Recession of 2008 and the market is currently flooded with about three and a half months supply of homes on the market.
Merri Perry, outgoing president of Las Vegas Realtors, said they are hopeful next year will bring about a brighter future for the local industry.
“Increases in the number of homes available for sale and in the number of properties being sold this year are good signs for our housing market heading into 2025,” she said in a statement.
Homes are also continuing to sit on the market longer in Southern Nevada as at the end of November, 5,570 single-family homes were listed without any sort of offer, a 28 percent increase from one year ago. There were also 1,856 condos and townhomes listed without offers in November, a 47.2 percent increase from this time last year.
The median price of condos and townhomes sold in November was $301,250, down from the previous month’s record high of $315,000, however November’s median price was still up 9.5 percent from $275,000 during the same month of 2023.
Real estate agents are “cautiously optimistic” a Trump administration will have a positive impact on the real estate industry nationwide, most likely through deregulation efforts at the federal level which could spur a new wave of homebuilding.
Interest rates are also expected to be cut again when the Federal Reserve meets for its last time this year, which would mean three cuts in the second half of 2024 for a total of potentially 100 basis points.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.
