The latest report from Las Vegas REALTORS® (LVR) offers insights into the local real estate landscape, revealing a subtle increase in home prices compared to the previous year.
In October 2023, the median price for existing single-family homes in Southern Nevada (as recorded by the MLS) reached $449,000, showing a 2.0% rise from October 2022. However, it remains below the peak set in May 2022 at $482,000.
Similarly, condos and townhomes in October 2023 had a median price of $275,500, marking a 3.6% increase from the previous year, but still below the high of $287,000 in August. A reduced supply in the market is also evident, with a 46.7% decrease in listed single-family homes without offers and a 32.7% decline for condos and townhomes.
Despite a 1.5% decrease in single-family home sales compared to October 2022, condo and townhome sales saw a 1.3% increase. The market’s current pace indicates a two-month supply of properties for sale, a significant shift from the four-month supply observed the previous year.
Comparing 2023 to the record-breaking 2022, total sales have declined. Cash transactions constitute 26.6% of all property sales in October, up from 25.5% in the previous year.
As the year unfolds, the Las Vegas real estate market is navigating a delicate balance influenced by supply constraints and interest rate fluctuations. Observers will continue to monitor how these factors shape the market in the coming months, anticipating any shifts in its trajectory.
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