The median price for an existing home in the Las Vegas Valley has set an all-time record, according to a report released this morning by the Las Vegas Realtors trade group.
The median for October, according to the report, was $410,000, a 21% increase from October 2020 and a modest $3,500 increase from September, which was a record at the time.
Despite the increase, Aldo Martinez, a longtime local Realtor and the president of the trade group, said prices have started to increase at a more gradual pace of late.
“Even though we’re slowing down a bit, home prices are still rising,” Martinez said in a statement. “Buyers looking for more affordable options have been turning to condominiums and townhomes.”
Demand for condos and townhomes seems to have helped drive up prices as well.
The median price for a condo or townhome in October was $236,000, which represented a 27% increase from the same month last year.
“As we’ve been saying for some time, the rate of appreciation we’ve seen this year is great for homeowners, and the low interest rates have been great for homebuyers,” Martinez said.
At the end of October, 3,287 homes were listed for sale without an offer, down 27% from the same month in 2020.
The report showed that 583 condos and townhomes were listed at the end of October. That is a 7% drop from the same month last year.
The Las Vegas housing market bottomed in 2012 after the Great Recession, when the median price for an existing home plummeted to $118,000.
The market remains one of the tightest ever in the Las Vegas Valley, with about a one-month supply of homes available.
A six-month supply of homes is generally thought to be close to a balanced market.