The median price for a home in Southern Nevada jumped to $395,000 in June, a $10,000 increase from May, according to the Las Vegas Realtors trade group.
June’s figure is $70,000 more than what was recorded for June of last year, which represents a jump of over 21%.
Aldo Martinez, president of Las Vegas Realtors, said home prices have started to exceed what many people and families in the valley can afford.
“Any sign of slowing down, aside from a seasonal adjustment, is likely attributed to not as many buyers being able to afford a home at these prices,” Martinez said in a statement. “We warned this would happen the closer we get to a median price of $400,000.”
Martinez said he doesn’t foresee a change to the upward trajectory of housing prices on the horizon.
“The number of buyers who will have to revert to renting because they are no longer able to purchase at these prices is the primary reason so many more investors jumped into our market at the start of this year,” Martinez said. “They foresaw a healthy rental market in the future, and it’s drawing near.”
In June, 30% of all properties sold in Southern Nevada were purchased with cash, an increase of 16% from June 2020, but well below the cash buyer peak of 60% in the spring of 2013.
The Las Vegas housing market bottomed in 2012 after the Great Recession, when the median price for a home plummeted to $118,000.
The median price for a local condominium or townhome was $216,000 in June, up 15% from the same month last year.
The market remains one the tightest — if not the tightest — the Las Vegas area has ever witnessed.
While a six-month supply of homes is generally considered to be a balanced market, the Las Vegas area now has less than a one-month supply of homes on the market, according to the realtor group.