Home prices in Southern Nevada are climbing again, with the median price of single-family homes reaching $480,000 in July 2024. This is just shy of the record $482,000 set in May 2022. Condos and townhomes are already at a new high, with a median price of $296,000.
Despite rising mortgage interest rates, home prices in Southern Nevada have continued their upward trend. While prices climb, more homes have entered the market, offering buyers more options. By the end of July, 4,634 single-family homes were listed for sale without offers, marking a 31.5% increase from the previous year. For condos and townhomes, the number of available listings rose by 70%, with 1,481 properties on the market.
Sales in July were also up compared to last year, with 2,764 homes, condos, and townhomes sold. Cash sales made up 25.1% of all transactions, a stable percentage from the previous year.
Overall, the Southern Nevada real estate market shows resilience, with both prices and inventory moving upward. Buyers are seeing more options, and sales have started to recover from a slower year.
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