A recent report by Las Vegas Realtors shows local home prices are on the rise this year.
LVR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service during March was $465,000. That’s up 9.4 percent from $425,000 in March 2023. Local home prices are still below the all-time record of $482,000 set in May 2022.
The median price of local condos and town homes sold in March was $282,500, up 8.7 percent from $260,000 in March 2023. That’s approaching the all-time high of $287,000 set in August 2022.
LVR President Merri Perry, a longtime local Realtor, said the Las Vegas housing market is starting to bounce back from a sluggish 2023 that was slowed by a persistently tight housing supply and elevated mortgage interest rates.
“Although prices have been rising recently, they’re still below the all-time high we hit in 2022,” 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.”
By the end of March, LVR reported 3,323 single-family homes listed for sale without any sort of offer. That’s down 20.8 percent from one year earlier. Meanwhile, the 1,179 condos and town homes listed without offers in March represent a 6.9 percent increase from one year earlier.
LVR reported a total of 2,672 existing local homes, condos and town homes sold in March. Compared with March 2023, sales were down 11.8 percent for homes and down 1.8 percent for condos and town homes. The sales pace in March equates to less than a two-month housing supply, similar to one year ago.
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 March, LVR found that 26.1 percent of all local property sales were cash transactions. That’s up from 24.5 percent one year ago. That’s well below the May 2013 cash buyer peak of 59.5 percent.
The number of distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 1.1 percent of all existing local property sales in March. That compares with 0.9 percent one year ago, 0.2 percent two years ago, 0.6 percent three years ago, 2 percent four years ago and 2.5 percent of all sales five years ago.
The LVR statistics include activity through the end of March. 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 following:
* The total value of local real estate transactions tracked through the MLS during March was more than $1.2 billion for homes and nearly $190 million for condos, high-rise condos and town homes. Compared with one year earlier, total sales values in March were up 0.4 percent for homes and up 10.7 percent for condos and town homes.
* In March, 77 percent of all existing local homes and 76.1 percent of all existing local condos and town homes sold within 60 days. That compares with one year earlier, when 65.7 percent of all existing local homes and 71.7 percent of all existing local condos and town homes sold within 60 days.
Las Vegas Realtors — formerly known as Greater Las Vegas Association of Realtors, or GLVAR — 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.