Las Vegas home prices springing forward, new report says

A recent Las Vegas Realtors report shows local housing prices springing forward in April, with condo and town home prices reaching a record high.

LVR reported the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service during April was $469,000. That’s up 9.1 percent from $430,000 in April of 2023. However, local home prices are still below the all-time record of $482,000 set in May of 2022.

The median price of local condos and town homes sold in April was $290,000, up 7.4 percent from $270,000 in April 2023. That’s an all-time high, surpassing the $287,000 mark set in August of 2022.

LVR President Merri Perry, a longtime local Realtor, said local home prices have remained resilient this year despite recently rising mortgage interest rates. Despite rising rates, she said she was pleased to see an increasing number of properties being sold last month.

“Mortgage rates have been slowing down home sales this year, so it’s good to see more homes and condos selling,” Perry said. “Overall, demand continues to outpace the supply of homes here in Southern Nevada, and that’s driving up prices.”

By the end of April, LVR reported 3,476 single-family homes listed for sale without any sort of offer. That’s down 7 percent from one year earlier. Meanwhile, the 1,248 condos and town homes listed without offers in April represent a 29.5 percent increase from one year earlier.

LVR reported a total of 2,960 existing local homes, condos and town homes sold in April. Compared to April 2023, sales were up 19.2 percent for homes and up 16.1 percent for condos and town homes. The sales pace in April equates to less than a two-month housing supply, which is similar to one year ago and considered low by historical standards.

According to LVR, 2023 was the slowest year for existing local home sales since 2008. LVR reported a total of 29,069 sales of existing local homes, condos and town homes 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.

During April, LVR found that 26.9 percent of all local property sales were cash transactions. That’s up from 22.3 percent one year ago. That’s well below the May 2013 cash buyer peak of 59.5 percent.

The number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 1.2 percent of all existing local property sales in April. That compares to 0.8 percent one year ago, 0.5 percent two years ago, 0.9 percent three years ago, 1.5 percent four years ago and 3 percent of all sales five years ago.

These LVR statistics include activity through the end of April 2024. LVR distributes statistics each month based on data collected through its MLS, which does not account for all newly constructed homes sold by local builders or homes for sale by owners. Other highlights include:

■ The total value of local real estate transactions tracked through the MLS during April was more than $1.4 billion for homes and more than $193 million for condos, high-rise condos and town homes. Compared to one year earlier, total sales values in April were up 35.4 percent for homes and up 28.5 percent for condos and town homes.

■ In April, 83 percent of all existing local homes and 84.1 percent of all existing local condos and town homes sold within 60 days. That compares to one year earlier, when 71.5 percent of all local homes and 75.7 percent of all condos and town homes sold within 60 days.

Las Vegas Realtors (formerly known as the Greater Las Vegas Association of Realtors) was founded in 1947 and provides its nearly 17,000 local members with education, training and political representation. The local representative of the National Association of Realtors, LVR is the largest professional organization in Southern Nevada. Each member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit LasVegasRealtor.com.