Local News

Actions

Experts say there are still plenty of affordable homes despite median home price hitting $300K

Posted: 6:37 AM, Oct 08, 2018
Updated: 2018-10-09 06:51:53-04
Average home price hits $300K in Vegas
Average home price hits $300K in Vegas
Average home price hits $300K in Vegas

UPDATE: Our real estate experts tell us it is still a seller's market, but if you are worried this means your will be priced out of the market, remember $300K is just the median. There are still affordable homes out there below that price point. 

"Buyers that got pushed out of the market can get back in and it may be more affordable," said broker David Tina, a past president of the Greater Las Vegas Association of Realtors. 

Tina says inventory has loosened up from a 30-day supply to a two-and-a-half month supply. 

Ana Usma, a portfolio manager with Opendoor, said there a lot of homes available well below that price point. 

"Another community I would suggest would be the new northwest over there by the new veterans hospital, those homes are so affordable," Usma said. 

She also suggests looking in Mountain's Edge and Southern Highlands. 

"Since inventory levels are a little higher than they were in the summer time, this would be a good time to find that dream house," said Usma. 

PREVIOUS STORY: The average median home price of a home in Southern Nevada has hit $300K for the first time in 11 years, according to the Greater Las Vegas Association of Realtors. 

GLVAR reported that the median price for existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during September was an even $300,000. That’s up 1.7 percent from August and up 13.2 percent from $265,000 in September of 2017. The median price of local condos and townhomes sold in September was $170,000. That’s up 21.4 percent from the same time last year.

“The good news is our median sales price is up,” said GLVAR President Chris Bishop, a longtime local REALTOR®. “At the same time, sales are down compared to last year. The homes that have sold are selling for a higher price.”
 
According to GLVAR, this is the first time the median price of a single-family home has hit $300,000 since June of 2007, when the median price was $305,000. The median price of existing single-family homes sold in Southern Nevada peaked at $315,000 in June of 2006. Local home prices hit a post-recession bottom of $118,000 in January of 2012.
 
For the first time in years, Bishop said Southern Nevada now has more than a two-month supply of existing homes available for sale. A six-month supply would be a more balanced market, he added. By the end of September, GLVAR reported 6,148 single-family homes listed for sale without any sort of offer. That’s up 23.7 percent from one year ago. For condos and townhomes, the 1,356 properties listed without offers in September represented a hefty 99.4 percent increase from one year ago.
 
“While our housing supply is still not where we’d like it to be, it has been increasing lately and went up again in September,” Bishop said. “That’s good news for people looking to buy a home here.”
 
The total number of existing local homes, condos and townhomes sold during September was 3,005. Compared to one year ago, September sales were down 16.4 percent for homes and down 13.4 percent for condos and townhomes.

In addition, the number of so-called distressed sales continues to drop. GLVAR reported that short sales and foreclosures combined accounted for just 2.5 percent of all existing local home sales in September, down from 5.2 percent of all sales one year ago.