December 2023 Housing Statistics

December 2023 Housing Statistics

Las Vegas REALTORS® (LVR) recently published data shedding light on the state of the local real estate market for the end of 2023. The year marked a notable deceleration in local home sales, but despite this, there was a modest increase in median home prices amid a persistently tight housing supply.

In December, the median price of existing single-family homes in Southern Nevada, reported through the Multiple Listing Service (MLS), reached $449,900, reflecting a 5.9% increase from the previous December. However, it’s worth noting that local home prices are still below the all-time high set in May 2022. The median price of local condos and townhomes in December increased by 9.3% to $270,000.

Throughout 2023, the housing supply remained notably tight, impacting sales. As of the end of December, LVR reported a significant decrease in the number of single-family homes listed for sale without any offers, down by 39.4% compared to the previous year. Condos and townhomes listed without offers also saw an 18.5% decline.

The sales pace in December suggested a reduced inventory, equating to about two and a half months of properties available for sale. This marks a notable decrease from the nearly four-month housing supply reported one year earlier.

Looking at the broader annual figures, 2023 recorded a total of 29,069 sales of existing local homes, condos, and townhomes. This represented a decrease from the 35,584 total sales reported in 2022.

In summary, the real estate landscape in Las Vegas during 2023 was characterized by slower sales, modest price increases, and a persistent shortage of housing inventory. However, the decrease in interest rates towards the end of the year and potential increases in housing supply in 2024 provide a hopeful outlook for both buyers and the local real estate market!

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