November 2023 Housing Statistics

November 2023 Housing Statistics

The latest report from Las Vegas REALTORS® (LVR) sheds light on the current state of the market, revealing an evolving landscape of decreasing supply, rising prices, and a shift in sales dynamics.

In November, the median price of existing single-family homes in Southern Nevada reached $450,000, up 4.4% from the same period in 2022. Condos and townhomes followed suit, experiencing a 5.8% increase with a median price of $275,000.

The data shows a 40.7% decrease in listed single-family homes without offers and a 22.8% drop for condos and townhomes. These changes could be attributed to the tight housing supply and increased mortgage rates, which can impact seasonal trends.

With 1,894 total sales in November, the market’s pace suggests just under a three-month supply of properties. This marks a significant shift from the more than four-month supply observed a year earlier.

In November, 29.8% of all local property sales were attributed to cash transactions, a slight increase from the previous year. This remains far below the peak observed in May 2013 at 59.5%, indicating a still relatively subdued investor presence.

The record-breaking year of 2021, with 50,010 properties sold, set a high bar for the region’s real estate market. 2022 concluded with 35,584 total sales and 2023 is projected to wrap up with even fewer.

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

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