Las Vegas REALTORS® (LVR) recently released its September 2023 housing report, painting a picture of stability in the local real estate market.
The median price of existing single-family homes in Southern Nevada remained constant at $450,000 in September 2023, matching the figures from the same month in 2022. Similarly, local condos and townhomes maintained a median price of $270,000, indicating a 5.9% decrease from the all-time high recorded in August 2022.
As of September’s end, LVR reported a substantial 49.9% decrease in single-family homes listed without offers compared to the previous year. Condos and townhomes without offers also declined by 44.0%. This reduced inventory contributes to a two-month supply of properties for sale, a significant drop from the four-month supply reported a year ago.
LVR reported a total of 2,374 existing local homes, condos, and townhomes sold in September 2023. While single-family home sales decreased by 10.3% compared to the previous year- condo and townhome sales increased by 5.5%. The overall sales pace indicates a shift, now reflecting just over a two-month supply of properties, down from four months a year ago.
This year’s sales figures reveal a decline compared to 2022, which reported a total of 35,584 sales. The record-breaking year of 2021 saw 50,010 homes, condos, townhomes, and other residential properties sold, surpassing the previous 2011 record by nearly 2,000 sales.
The September 2023 housing report underscores the Las Vegas housing market’s stability amid steady prices, reduced inventory, and evolving sales trends. While challenges persist, the market appears resilient, adapting to changing conditions and presenting opportunities for homeownership in Southern Nevada.
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