March 2024 Housing Statistics

March 2024 Housing Statistics

Recent data from Las Vegas REALTORS® (LVR) paints a picture of a thriving real estate market in Southern Nevada, with home prices showing a significant increase since the beginning of the year.

In March 2024, the median price of existing single-family homes soared to $465,000, up 9.4% from the previous year. Condos and townhomes followed suit, with a median price of $282,500, marking an 8.7% increase.

While prices are on the rise, they’re still below the all-time high set in 2022, indicating potential for further growth. The market continues to show its resilience despite challenges, particularly the ongoing shortage of available homes.

Inventory levels reflect this scarcity, with fewer single-family homes listed for sale without offers compared to the previous year. However, sales activity dipped slightly in March, though the market remains brisk.

Looking back, 2023 marked a slowdown in home sales, following a record-breaking year in 2021. Cash transactions saw a slight uptick in March, but remain below previous peaks.

Southern Nevada’s real estate market is on the rise in 2024, with prices climbing and sales remaining steady. Despite challenges like limited housing supply, the region continues to draw interest from both buyers and investors. As the market evolves, close attention to trends will be crucial for navigating Southern Nevada’s dynamic real estate landscape.

Contact Zak for more analytics and details regarding your specific real estate interests.

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