Median home price climbs to $300K in Las Vegas

For sale sign for a home is a development near S. Buffalo Drive as housing is on the grow in the Las Vegas area on Thursday, Dec. 21, 2017.

The median sales price for existing single-family homes sold in Southern Nevada in January was $300,000, according to a report released today by the Greater Las Vegas Association of Realtors.

That’s up 13.2 percent from $265,000 in January 2018. It’s the first time the sales price hit $300,000 since September 2018. Before that, the median sales price hadn't surpassed the $300,000 mark since 2007.

“Just when you thought these double-digit increases might become a thing of the past, it’s interesting to see the median home price go back up again,” GLVAR President Janet Carpenter said.

The median sales price of condos and townhomes in January was $170,000, or up 13.4 percent from last January.

The spike in sales prices is encouraging because January is traditionally one of the slow months in the Las Vegas housing market, Carpenter said.

There were 7,254 single-family homes for sale at the end of January, which is about a four-month supply of homes and up 95.1 percent from one year ago, according to the report.

Other highlights from January’s report include:

• Cash transactions accounted for 24.9 percent of purchases. That’s significantly below the 59.5 of cash buyers in February 2013 at the height of the recession, signaling investors are still active in the market but playing a smaller role.

• Foreclosures accounted for 2.8 percent of sales in January, which is down from 4.3 percent in 2018 and 11 percent in 2017.

• The total value of transactions was $641 million for homes and nearly $89 million for condos/townhouses.

• Homes and condos are selling at a slower pace, with 72 percent of existing local homes and 71.2 percent of existing condos selling within 60 days. One year ago, 76.8 percent of homes and 83.1 percent of condos sold within 60 days.

Real Estate

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