Annual Drop in Home and Condo Sales in Las Vegas

A report from the past month by Las Vegas Realtors, a major real estate agency in the city, indicates that house and condominium prices in Las Vegas reached a new record this past month.

According to this agency, the median price of existing single-family homes sold in Southern Nevada last month was $479,900, showing a 6.6% increase from $450,000 in the same month of 2023, very close to its all-time high of $482,000, a record set in May 2022.

As for condos and townhomes, their median price was $299,500, 10.9% higher than the $270,000 in 2023, surpassing the previous record of $296,000 recorded in July 2024. 

Merri Perry, president of Las Vegas Realtors, one of the city’s leading real estate agencies, mentioned that mortgage interest rate cuts should continue to help the real estate market. She said, “The interest rate cut announced by the Federal Reserve can only help the real estate market,” as while I don’t think this will have a dramatic impact, it certainly helps people, especially potential home buyers.”

In a recent report up to the end of September 2024, a total of 2,277 homes and condos were sold in Las Vegas, indicating a 1.6% drop in home sales compared to September 2023. The sales pace in September was equivalent to a housing supply of just over three months, compared to just over two months in the same period last year.

Sales of distressed properties, including short sales and foreclosures, remained near historic lows, representing only 0.8% of all property sales in September, compared to 1.3% the previous year.

Available foreclosures:

Las vegas: 18 homes available.

By Elías DaSilva | 15 de Noviembre de 2024.