Home prices in Las Vegas Valley hold steady after declining for 3 straight months
LAS VEGAS, Nev. (FOX5) - After seeing a decline for three straight months, a new report released Thursday indicates that home prices in the Las Vegas Valley are now holding steady.
According to the report released Thursday by Las Vegas Realtors, the median price of existing single-family homes sold in Southern Nevada during September was $450,000.
The group notes that the average price is unchanged from August, but down from the all-time record price of $482,000 in May. The median home price is still up 10.7% from $406,500 one year ago, the group notes.
According to LVR President Brandon Roberts, local home prices are still nearly four times higher than during their post-recession bottom in January of 2012, when the median single-family home price in Southern Nevada was $118,000.
LVR says that there are fewer properties in the valley selling and more available for sale.
By the end of Sept., according to LVR, there were 8,121 single-family homes listed for sale without any sort of offer, up 134.5% from the same time last year.
In terms of condos and townhomes, the median price of those properties sold in Southern Nevada in Sept. was $270,000, which is up 1.9% from August, but down from the all-time record price of $285,000 in May. Condo and townhome prices are up 17.4% from $230,000 in September 2021, the report states.
During Sept., LVR says 25.8% of all local property sales were purchased with cash, which is down from 29.1% one year ago and is well below the March 2013 cash buyer peak of 59.5%.
So far this year, according to LVR, existing Southern Nevada home sales are down from the same time in 2021.
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