Las Vegas housing market stabilizing but still setting records


Wade Vandervort

A sign advertises a home for sale in Southern Highlands, Thursday, Jan. 9, 2020.

Wed, Oct 6, 2021 (5 a.m.)

The median sale price of a single-family home in Southern Nevada is up 20.5% from a year ago, according to a report released this morning by Las Vegas Realtors.

The group said the median sale price of $406,500 for September established an all-time record in the area — slightly up from $405,000 in July. But in September 2020, the median price was $337,250, the group said.

“The housing market is starting to stabilize nationwide. This month’s statistics suggest that we may be doing the same here in Southern Nevada,” said President Aldo Martinez, a longtime local real estate agent and the group’s president, in a statement. “Prices are still increasing, but they’re going up more gradually than in previous months.”

Martinez noted that home prices continue to increase while wages remain stagnant, which he suggests has led some buyers to purchase a townhouse or condo, and not a single-family home. Others are renting, he said.

The trend is similar for local townhouse and condo sales, which in September had a median price of $230,000. That’s up 17.6% from last year’s mark of $195,000.

The group further reports that there are 3,463 single-family homes listed for sale without an offer, which is down 27.8% from the same time last year. There are 628 condos and townhomes listed without an offer.

Martinez said the current sales pace equates to just over a one-month supply of properties available for sale. He also said the market could be returning to seasonal trends common prior to the pandemic, where housing prices and sales peak in the summer before slowing during the fall and winter.

“The pandemic disrupted this pattern last year,” Martinez said.

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