After a slow year in 2023, the housing market in Southern Nevada is picking up steam in 2024! Recent data from Las Vegas REALTORS® (LVR) shows that home sales are on the rise again, signaling a positive turn for the region’s real estate scene.
In February 2024, the median price for existing single-family homes in Southern Nevada jumped to $460,000, up 8.2% from the previous year. Condos and townhomes also saw a significant increase, with prices reaching $283,000, up 11.0%.
National experts have been predicting more homes hitting the market this year, and that might help to combat the challenges of low supply and higher mortgage rates.
While there’s currently still a shortage of available homes, February saw a surge in sales. A total of 2,426 homes, condos, and townhomes were sold, up 10.1% from the previous year.
Cash transactions are also making a comeback, making up 29.7% of all sales in February.
Looking back at 2023, it was a tough year for local real estate, with sales hitting their lowest point since 2008. But with the current upward trend, 2024 looks promising for Southern Nevada’s housing market!
With sales on the rise, prices stabilizing, and industry experts expressing optimism, the stage is set for a dynamic and promising year ahead. Whether you’re buying, selling, or simply keeping an eye on the market, now is a compelling time to be part of Southern Nevada’s ever-evolving real estate landscape!
Contact Zak for more analytics and details regarding your specific real estate interests.