Valley home prices on the rise; condos set new record

Las Vegas, NV (KXNT) – The valley housing market continues to see prices head up, according to new figures released Thursday by Las Vegas Realtors.

The median price of a single-family, pre-existing home in Las Vegas in May was $473,000. That’s a jump of $4,000 from April, and just $9,000 shy of the all-time record median price of $482,000 set in May of 2022.

Meanwhile, prices continue to shoot up for condos and townhomes, with a new record high set. The median price for a condo rose to $295,000, a $5,000 jump from April to May.

The housing market has been stung lately by continued high interest rates that have led sellers to hold onto their homes a little bit longer, while buyers sit on the sidelines waiting for rates to go down. Right now, Las Vegas Realtors says that there’s only a two-month supply of available homes for sale.