LAS VEGAS (FOX5) — New data from local realtors shows that valley home prices rebounded to an all-time high in November.
In a Las Vegas Realtors report released Tuesday, median prices of existing single-family homes sold in Southern Nevada were around $488,995, up 1.9% from last November.
The median price of local condos and townhomes sold in November was $303,750, up 0.8% from November 2024. The price remains below the record high of $315,000 set in October 2024.
“Even with this new record for our median home price, overall trends have been shifting more in favor of home buyers,” said LVR President George Kypreos. “We’re selling fewer homes. We have more homes available for sale. And we saw a nice dip in mortgage interest rates last week. All of this benefits people who are prepared and can afford to buy.”
By the end of November, 7,033 single-family homes were listed for sale without any sort of offer. That’s up 26.3% from one year earlier. The 2,613 condos and townhomes listed without offers in November represent a 40.8% jump from one year earlier.
LVR reported a total of 1,918 existing local homes, condos and townhomes sold in November. Compared to November 2024, sales were down 6.6% for homes and down 20.2% for condos and townhomes.
The sales pace in November equates to a five-month housing supply. Last year at this time, Southern Nevada had just over a three-month housing supply.
Local home sales have been on a roller coaster ride in recent years. In 2024, LVR reported a total of 31,305 existing local homes, condos and townhomes were sold. That was up from 29,069 such sales in 2023, the slowest year for existing local home sales since 2008.
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