
This month, Las Vegas home prices continued to rise, but didn’t break previous records. The median price for single-family homes was $476,875, up 6.6% from August 2023. Condos and townhomes had a median price of $292,000, slightly higher than last year, but lower than the record set in July 2024.
More homes are available for sale when compared to last year. By the end of August, there were 5,268 single-family homes and 1,640 condos/townhomes listed without offers, representing significant increases in available inventory.
Sales activity saw a boost, with 2,711 homes, condos, and townhomes sold in August. Single-family home sales were up 6.4% from last year, though condo and townhome sales dropped by 10.5%. The market now has about two and a half months’ worth of housing supply, giving buyers more options.
Cash sales made up 24.1% of all property purchases, down from 26% last year, which shows a decrease in investor activity.
As we move forward, there’s hope that mortgage rates will drop later this year. The market is improving after a slow 2023, and the increase in available homes could give buyers more affordable opportunities soon.
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