Las Vegas Valley home prices set new record in April; median price rises to $475K

Homes are located across the Las Vegas Valley as seen on Jan. 4, 2021.
Homes are located across the Las Vegas Valley as seen on Jan. 4, 2021.(Gai Phanalasy | FOX5)
Published: May. 6, 2022 at 6:34 AM PDT
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LAS VEGAS, Nev. (FOX5) - Home prices in the Las Vegas Valley yet again set a new record in April, according to a new report.

According to a report released Friday from Las Vegas Realtors (LVR), the median price of existing single-family homes in Southern Nevada during April was $475,000, breaking the record set in March.

LVR added that the median home price is up 26.7% from $375,000 one year ago.

Similarly, LVR says that the media price of condos and townhomes sold in April increased to $275,000, breaking the all-time record set in March, and up 35.8% from April 2021 ($202,450).

During April, LVR found that 32.0% of all local property sales were purchased with cash, up 27.9% one year ago.

LVR President Brandon Roberts said in the report that existing home prices in the Las Vegas Valley have now quadrupled since hitting their post-recession bottom in Jan. 2012, when the median single-family home price in Southern Nevada was $118,000.

“With mortgage interest rates going up in recent months and so few homes available for sale, it’sno wonder we’re selling fewer homes,” Roberts said. “Although local home prices are still increasing,we expect the rate of appreciation to start slowing down at some point as these trends continue. At leastwe had more homes available for sale than we had the previous month and the previous year.”

LVR notes that by the end of April, 2,441 single-family homes were listed for sale without any offer, up 33.6% from the same time last year.

Even with the increased inventory, according to LVR, April’s sales pace equates to less than a one-month supply of properties available for sale. Roberts noted in the report that, “the local housing supply has rarely, if ever, been this low.”

LVR says that so far in 2022, existing local home sales are down from the same time in 2021. “2021 was a record year for existing home sales in Southern Nevada, with 50,010 homes, condos, townhomes and other residential properties selling.”