Median price for Las Vegas homes sets all-time record

A sign advertises a home for sale in Southern Highlands, Thursday, Jan. 9, 2020.

There’s a new record for the median price of an existing home in the Las Vegas Valley.

The new median price is $316,000, according to a report released today by Las Vegas Realtors, the organization that recently changed its name from Greater Las Vegas Association of Realtors.

The figure represents an increase of 7% from February 2019 and a bump of 4% from January of this year.

The previous all-time high for Las Vegas was $315,000 in June 2006, just before the recession that drove area home prices to bottom out at $112,000 in 2012.

“We’ve been waiting for this milestone for a long time,” said Tom Blanchard, a local agent and president of Las Vegas Realtors. “While it’s interesting to talk about how we finally broke the record, it’s important to remember that it took us more than 13 years to get here. If you account for inflation, you could argue that home prices should actually be much higher than they are today.”

A total of 3,089 homes, condominiums and townhomes were sold in February, which was up 26% from the same month in 2019, according to the report.

The median price for condominiums and townhomes remained unchanged from January to February at $175,000. That’s up 6% from February 2019.

While homes are fetching top-dollar, the local housing supply continues to dwindle to historically low levels, Blanchard said.

“We’re calling it a shortage and inventory is still shrinking,” Blanchard said. “This is also true in other parts of the country, where people are staying in their homes longer and home building is simply not keeping up with demand, especially in growing areas like Southern Nevada.”

At the end of February, sales pace in the Las Vegas Valley equated to less than a two-month supply of available homes. A six-month supply is considered a more balanced market, Blanchard said.

Founded in 1947, the association serves more than 14,000 area real estate agents.

Real Estate

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