With supply tight, Las Vegas home prices hit all-time high

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The median sale price of existing homes in the Las Vegas area grew to record high $337,250 in September, according to a monthly report from Las Vegas Realtors.

That's an increase of 9% from September of last year, and a bump of about $2,000 from August.

The median price for September sets a new all-time for the region, though a shortage of inventory has led to an unbalanced market despite near all-time low mortgage rates.

The continued rise of home prices has come despite a global pandemic that has decimated the region's tourism-based economy.

"Local home prices keep setting records, which is remarkable when you think about the challenges we're facing," said Tom Blanchard, president of Las Vegas Realtors and a longtime area agent. "The pause during the beginning of the pandemic seems to have pushed the traditional summer sales season into the fall."

For townhomes and condominiums, the median sale price for a unit in September was $195,500, which represented a 14% increase from September 2019.

With Gov. Steve Sisolak's order that allowed open houses to resume earlier this month, Blanchard said he envisions the potential for market activity in the coming weeks and months.

"We'll see if we can sustain this momentum heading into next year," Blanchard said. "We're also dealing with a housing shortage, with no signs of that changing anytime soon."

The number of homes available for sale remains "well below" the six-month supply that's generally considered to represent a balanced market. At the end of last month, just under 4,800 homes — not including condos or townhomes — were listed for sale without an offer, down 35% from September 2019.

Tribune Content Agency
Home prices Housing inventory Housing market Nevada
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