In June, the Las Vegas real estate market saw home prices rise and more homes becoming available for sale. The median price for single-family homes reached $475,000, up 7.7% from last year. Condos and townhomes also saw a price increase, with the median price hitting $295,000.
Despite higher mortgage rates, the market in Southern Nevada is doing better than most of the country. More homes were sold this year compared to last, and properties are selling faster. By the end of June, 4,114 single-family homes and 1,367 condos and townhomes were listed for sale without offers, marking an increase in available inventory.
Overall, 2,698 homes, condos, and townhomes were sold in June, only slightly fewer than last year. Cash transactions made up 26.6% of all sales, a small increase from last year, but still much lower than in previous years.
The Las Vegas housing market is gaining momentum, with rising prices and increased activity. For both buyers and sellers, now is a crucial time to stay informed and make strategic moves in this evolving market.
Contact Zak for more analytics and details regarding your specific real estate interests.