The median sales price of a single-family home in the Las Vegas area last month was $450,000, a 4.4% increase from November 2022, according to a report released this morning by the Las Vegas Realtors trade group.
The report additionally showed the local housing supply continuing to shrink and fewer total homes being sold.
“Interest rates are higher now than in past years and our housing supply is about as low as it gets,” said Lee Barrett, the trade group president. “These factors seem to be propping up home prices and slowing down home sales.”
The report showed 4,353 single-family homes listed for sale without an offer at the end of November. That’s down 40.7% from a year ago in November.
There were 1,261 condos and townhomes listed for sale without an offer, down 22.8% from a year ago. The median price of condos and townhomes in November was $275,000, up 5.8% from $260,000 in November of 2022.