Tuesday, April 9, 2024 | 5 a.m.
Local home prices are on the rise after a “sluggish 2023,” Las Vegas Realtors President Merri Perry said in a release Tuesday.
The median sale price was $465,000 for existing Southern Nevada single-family homes and $282,500 for condos and townhomes in March. That’s an increase of 9.4% and just under 9%, respectively, from the same time last year.
“Although prices have been rising recently, they’re still below the all-time high we hit in 2022,” Perry said in a statement. “One of our biggest issues continues to be our housing supply. As we’ve been saying for a long time, it would help our local housing market if we had more homes to sell.”
In addition to a persistently tight housing supply, she also pointed to elevated mortgage interest rates as a cause for the slow housing market in 2023.
More than 3,300 single-family homes were listed for sale without any sort of offer, down by nearly 30% from March 2023. Almost 1,180 condos and townhomes were listed for sale without any sort of offer in March, which is up 7% from the same time last year.
Sales last month were down for homes, condos and townhomes compared to March 2023, with 2,672 sold overall.
