Report: Average sales price of homes $450K in September in Las Vegas


Two homes are for sale on Bermuda and Pebble roads in Henderson in this March 9, 2010, file photo.

Fri, Oct 6, 2023 (5 a.m.)

The median sales price of an existing single-family home sold in Southern Nevada was $450,000 in September, according to a monthly report released this morning from Las Vegas Realtors.

The sales price was exactly the same as it was in September 2022. It’s the same narrative with condos and townhouses, which sold for $270,000 last month — and in September 2022.

“We should probably get used to the current housing market since it’s not likely to change much anytime soon,” said Lee Barrett, a local real estate agent and president of the trade group, in a statement.

The Federal Reserve has increased interest rates 11 times since March 2022 with hopes of combating surging inflation, but that hasn’t slowed down sales in Las Vegas.

The report shows that 85.7% of existing single-family homes and 86.3% of local condos and townhouses sold in September were on the market for 60 days or less.

“Hopefully, some of our national experts are right in predicting that interest rates could begin to come down a bit sometime next year,” Bartlett said. “Even at current rates and with our very tight housing supply, owning a home here in Southern Nevada is a better deal than renting for most people, especially when you consider that homeownership is still one of the best ways to build wealth and financial stability over time.”

There are 4,066 single-family homes listed for sale without any offer at the end of the month, the group said in its report. That’s down 49.9% from the same time last year. There were 1,035 condos and townhouses listed without offers.

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