The Southern Nevada housing market ended the year with home prices giving back all the ground they gained during 2022. So says a report released Friday by Las Vegas REALTORS® (LVR).
LVR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during December was $425,000. That’s down 1.4% from November and matches the median price from December 2021. It’s also down from the all-time record price of $482,000 in May of 2022.
The median price of local condos and townhomes sold in December was $246,950. That’s down 5.0% from the previous month, and down from the all-time record price of $285,000 in May. Condo and townhome prices are still up 2.0% from $242,000 in December 2021.
We are in the slower period for the housing market, however rising mortgage interest rates are causing an additional hesitation.