The history of the housing market in Las Vegas is prone to peaks and valleys, however, LVR (Las Vegas Realtors) shows local home prices have been remarkably stable so far this year.
The good news is that the LVR reported the median price of existing single-family homes sold in Southern Nevada through its MLS during March was $425,000. That’s almost identical to the previous month and down 7.6 percent from $460,000 in March 2022.
Local condos and townhomes sold in March were $260,000. That’s up 2 percent from the previous month, but down 3.7 percent from $270,000 in March 2022.
According to Lee Barrett, the real estate market in Southern Nevada was one of the first places to experience this recent shift in the housing market, and may also be among the first to come out of this recent slowdown. Since the median price hasn’t changed since December 2022 Realtors feel this might be a sign that this cycle is coming close to the end.
Even though mortgage interest rates have been rising over the past year, LVR’s latest statistics suggest “strong underlying interest and demand for owning a home here in Southern Nevada.”
In March, Las Vegas saw the pace of sales in March increase from February and equates to less than a two-month supply of properties available for sale. Last year at this time, Southern Nevada was facing a housing shortage and had less than a one-month supply.
This is quite interesting, last month March, 24.5 percent of all local property sales were purchased with cash. Also, 65.7 percent of all existing local homes and 71.7 percent of all existing local condos and townhomes sold within 60 days.
The statistics include activity through the end of March 2023.
Keep in mind that whether you are interested in buying a home or selling a home, a Realtor should represent you– this person is working for your benefit and will help you navigate through the buying or selling process. We have celebrated selling both New and Resale Homes for over thirty years…..
We are here to answer any questions you might have – just email jennifer@smithteamlasvegas.com
ISellLasVegas!
Thanks and make it a terrific day…………The Smith King Team
