The Las Vegas housing market experienced notable growth in April, with significant price increases for both single-family homes and condos/townhomes. The median price for single-family homes reached $469,000, a 9.1% increase from the previous year, though still below the all-time high of $482,000 set in May 2022. Condos and townhomes reached a record high of $290,000, up 7.4% from April 2023
Despite rising mortgage interest rates, the market saw an encouraging rise in sales. A total of 2,960 homes, condos, and townhomes were sold in April, marking a 19.2% increase for homes and a 16.1% increase for condos/townhomes compared to the previous year. The inventory of available single-family homes decreased by 7.0%, while condo and townhome listings without offers rose by 29.5%.
The sales pace indicates a less than two-month housing supply, reflecting high demand and limited supply, which continue to drive up prices. Cash transactions made up 26.9% of all sales in April, a rise from 22.3% the previous year but still significantly lower than the peak of 59.5% in May 2013.
The Las Vegas housing market remains dynamic, with strong demand and tight inventory pushing prices upward, even amid challenging interest rate conditions.
Contact Zak for more analytics and details regarding your specific real estate interests.