The median price for a home sold in January in Southern Nevada was $435,000, marking an increase of $90,000 from January 2021, according to a report released today by the Las Vegas Realtors trade group.
The mark was $10,000 more than the median price in December to establish an all-time record for the area.
Brandon Roberts, president of the trade group, said in a statement that he’s amazed at how home prices have more than tripled in just 10 years. The Las Vegas housing market bottomed in 2012 following the Great Recession, when the median price for a home sank to $118,000.
“Predictions of an unseasonably warm winter for the housing market appear to be coming true,” Roberts said.
Though there’s widespread talk that several Federal Reserve interest rate hikes could be seen this year, Roberts and other experts say that’s not likely to put a damper on existing home prices.
Higher interest rates would affect mortgage rates, and thereby affect the cost of monthly payments, but they won’t do anything about the supply of homes on the market.
In Las Vegas, Roberts said the housing supply has continued to shrink. It now equates, he said, to less than a one-month supply of properties available for sale. A six-month supply is generally thought of as a balanced housing market.
The median price for a local condo or townhome in January rose to $243,000, which was up 26% from the same month in 2021.
Roberts said it’s likely that prices will continue to increase through the end of the year for all properties.