LAS VEGAS, Nev. (FOX5) – New housing numbers for the Las Vegas Valley show condos and townhomes hitting an all-time high, and homes coming close to doing the same.
A report released Tuesday found that the median price for a single-family home hit $479,900 in September. That’s up 6.6% from September 2023, and just short of the May 2022′s record high of $482,000.
Median prices for condos and townhomes would hit $299,500 last month, marking a 10.9% increase from $270,000 in 2023. September would also top the previous record set in July 2024 of $296,000.
The median price of local condos and townhomes sold in September was $299,500. That’s up 10.9% from $270,000 in September 2023, topping the previous high of $296,000 set in July 2024.
By the end of the month, 5,458 homes and 1,731 condos and townhomes were listed in Southern Nevada without any offers, according to the report.
On the other end, 2,277 homes, condos, and townhomes were sold during September. The report also notes that the sales pace in September equates to a housing supply of just over three months.
LVR President Merri Perry said last month’s interest rate cut helped the housing market and should continue to do so in the coming year.
“The interest rate cut announced in September by the Fed can only help the housing market,” Perry said. “While I don’t think this will have a dramatic impact, it certainly helps people, especially prospective home buyers.”
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