LAS VEGAS, Nev. (FOX5) – Las Vegas Realtors said 2023 was the slowest year for home sales in the Las Vegas area since at least 2014.
According to a release Tuesday morning, Las Vegas Realtors reported a total of 29,069 sales of existing local homes, condos and townhomes during 2023. This marked the fewest local property sales since at least 2014, when LVR reported 35,096 total sales. In 2022, LVR reported 35,584 total sales, and in 2021, the organization reported a record 50,010 total property sales.
Merri Perry, a longtime real estate agent who began her term as Las Vegas Realtors president in January 2024, said a tight housing supply slowed sales in 2023 but helped prop up home prices. Interest rates on mortgages also played in impact on the market.
“It was good to see interest rates coming back down late in the year,” Perry said. “That helps more buyers afford a home. While we still need more homes on the market, many national experts are predicting at least some increase in the housing supply as we get into 2024. That should help buyers and help us sell more homes.”
The average price of a single-family home sold in December 2023 was $449,900, which is up 5.9% from December 2022.
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