Median home price in Southern Nevada approaching record high

Prices are "slowing down partly because so many people have been priced out and partly because last year’s record-low rates made them unsustainably hot.” (Photo: Ronda Churchill)

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The median price of an existing single-family home in Southern Nevada in June was $475,000, according to Las Vegas Realtors. That’s up 7.7% from a year ago and just shy of the record $482,000 set in May of 2022.

Condos and townhomes sold at a median price of $295,000 in June, up 7.3% from a year ago, tying the record set in May.

LVR President Merri Perry says the local housing market is outperforming “most of the country in a few key ways.” Perry notes that sales are down nationally, but in Southern Nevada, sales are up year-to-date from last year. “At the same time, we’re seeing more homes available for sale, which is good news.”

In June, LVR reported 4,114 homes listed for sale did not receive an offer, up almost 12% from a year ago. The number of condos and townhomes listed without offers (1,367) was up 47% from a year ago.

LVR reported a total of 2,698 existing local homes, condos and townhomes sold in June. Compared to June 2023, sales were down 8.7% for homes and down 6.3% for condos and townhomes.

Close to 27% of all sales in June were cash transactions. That’s up from 25% a year ago, but well below the peak in June 2013, when almost 60% of all sales were for cash.

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