LAS VEGAS, Nev. (FOX5) – For the first part of 2024, house prices have been on a steady incline in Southern Nevada.
According to Las Vegas realtors, the median price of existing single-family homes sold in Southern Nevada during March was $465,000. That’s up 9.4% from March 2023, during which the median price was $425,000.
Overall, prices are still falling short of the previous record, which was set in May 2022 at $482,000.
Officials say the housing market is still bouncing back from a sluggish 2023 that was slowed by a tight housing supply and elevated mortgage interest rates.
By the end of March, 3,323 single-family homes and 1,179 condos and townhomes remained listed without any offers. Compared to last year, sales were down 11.8% for homes and 1.8% for condos and townhomes. Realtors reported sales of 2,672 local homes, condos, and townhomes for March.
“Although prices have been rising recently, they’re still below the all-time high we hit in 2022,” LVR President Merri Perry said. “One of our biggest issues continues to be our housing supply. As we’ve been saying for a long time, it would help our local housing market if we had more homes to sell.”
HOUSING PRICES CONTINUE TO CLIMB HERE IN THE VALLEY.
LAS VEGAS REALTORS SAYS THE AVERAGE PRICE OF A HOME SOLD HERE IN SOUTHERN NEVADA LAST MONTH WAS 465 THOUSAND DOLLARS.
THEY SAY BESIDES HIGHER INTEREST RATES, ANOTHER FACTOR INTO THE HIGHER PRICES IS A TIGHT SUPPLY, WITH 20 PERCENT FEWER HOMES AVAILABLE FOR SALE THAN MARCH of last year.
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