Home prices nearing record territory, with condo prices already there

A recent Las Vegas Realtors report shows local home prices inching closer to record territory, with more homes available for sale.

LVR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service during July was $480,000. That’s up 6.7 percent from $450,000 in July 2023. Local home prices are approaching the all-time record of $482,000 set in May 2022.

The median price of local condos and townhomes sold in July was $296,000, up 8.2 percent from $273,500 in July 2023. That tops the all-time high of $295,000 set in May and tied in June.

LVR President Merri Perry, a longtime local Realtor, said local housing prices have been increasing locally and nationally despite elevated mortgage interest rates this year.

“It looks like prices for homes here in Southern Nevada will soon follow what’s already occurred with condos and townhomes, which have been at record levels since May,” Perry said. “One bright spot for homebuyers in this month’s report is that we continue to see more homes hitting the market and available for sale.”

By the end of July, LVR reported 4,634 single-family homes listed for sale without any sort of offer. That’s up 31.5 percent from one year earlier. Meanwhile, the 1,481 condos and townhomes listed without offers in July represent a 70 percent increase from one year earlier.

LVR reported a total of 2,764 existing local homes, condos and townhomes sold in July. Compared with July 2023, sales were up 5.1 percent for homes and up 1.5 percent for condos and townhomes. The sales pace in July equates to just over a two-month housing supply. Last year at this time, it was less than a two-month supply of properties available for sale.

For most of 2024, home sales have been rebounding from 2023, which was the slowest year for existing local home sales since 2008. LVR reported a total of 29,069 sales of existing local homes, condos and townhomes in 2023. That was down from 35,584 total sales in 2022. That followed a record year for existing local home sales in 2021, when LVR reported 50,010 total properties were sold.

During July, LVR found that 25.1 percent of all local property sales were cash transactions. That’s the same percentage as one year ago, but well below the July 2013 cash buyer peak of 59.5 percent.

The number of distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 0.8 percent of all existing local property sales in July. That compares with 0.8 percent one year ago, 0.2 percent two years ago, 0.3 percent three years ago, 1.2 percent four years ago and 2 percent five years ago.

These LVR statistics include activity through the end of July. LVR distributes statistics each month based on data collected through its MLS, which does not account for all newly constructed homes sold by local builders or homes for sale by owners.

Other highlights include:

■ The total value of local real estate transactions tracked through the MLS during July was more than $1.3 billion for homes and more than $192 million for condos, high-rise condos and townhomes. Compared with one year earlier, total sales values in July were up 14.3 percent for homes and up 5.9 percent for condos and town homes.

■ In July, 86.5 percent of all existing local homes and 81.8 percent of all existing local condos and townhomes sold within 60 days. That compares with one year earlier, when 83.2 percent of all homes and 85.6 percent of all condos and townhomes sold within 60 days.

Las Vegas Realtors (formerly known as GLVAR) was founded in 1947 and provides its nearly 16,000 local members with education, training and political representation. The local representative of the National Association of Realtors LVR is the largest professional organization in Southern Nevada. Each member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit LasVegasRealtor.com.