Our local association of REALTORS® has reported that the median price of existing single-family homes sold in the Southern Nevada area during April was $475,000! That breaks the record (again) that was set last month, and months previous. The media home price is up 26.7% from $375,000 one year ago. The median price of local condos and townhomes sold in April increased to $275,000. That also brakes the all-time record (again) set the previous month and is up 35.8% from $202,450 in April 2021.
By the end of April, it was reported that 2,441 single-family homes listed for sale without any sort of offer were available. That’s an increase of 33.6%, which is good news for a change when it comes to our inventory! However, condo and townhome inventory have dropped 2.1% from last year.
With mortgage rates increasing, we may see the market fluctuate and respond eventually. Right now we continue to see year’s worth of increases since COVID and are only beginning to see an increase of available homes on the market.