Home prices in Southern Nevada have returned to record highs, with the median sale price for an existing single-family home reaching $485,000 in June, as reported by the Las Vegas Realtors (LVR). This figure matches the previous high set earlier in the year and marks a 2.1% increase from June of the previous year.
The Las Vegas Valley is grappling with a housing crisis influenced by several factors, including elevated mortgage and interest rates, limited land for development, an oversupply of resale properties, and a decline in buyer activity. Despite these challenges, Redfin predicts a decrease in home prices throughout the latter half of the year, reflecting a national trend.
In June, the LVR reported 6,992 homes listed without offers, a 70% increase from the prior year. Additionally, 2,564 condos and townhomes were available without offers, representing an 87.6% increase year-over-year. The region saw 2,461 homes, condos, and townhomes sold in June, marking a 7% drop in home sales and a 14.9% drop in condo and townhome sales compared to the previous year. The current sales pace indicates a four-month supply of homes, up from a two-month supply at the same time last year.
George Kypreos, president of the Las Vegas Realtors, highlighted the significant increase in available homes as a major change in the market, which benefits buyers and encourages sellers to price their properties realistically. While prices for condos and townhomes decreased slightly from May, they remained 3.4% higher than in June of the previous year.
The LVR report also noted the volatility in the local housing market since the pandemic. Local home sales have fluctuated over the past five years, with 31,305 existing homes, condos, and townhomes sold in 2024, up from 29,069 in 2023. This followed a record year in 2021, with 50,010 properties sold.