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Nevada home prices set new records, sellers hope to get top dollar

Real estate markets prepare for busy fall season
Homeowners forgo real estate agents, sell through Zillow
Posted at 9:44 PM, Mar 08, 2021
and last updated 2021-03-09 02:14:20-05

LAS VEGAS (KTNV) — A rare opportunity for sellers to get top dollar is being created as home prices in Nevada set new records.

These conditions will benefit the seller but may make it more competitive for sales agents.

RELATED: Housing market in Southern Nevada sets record $355K average in February 2021

“Real estate has always been a hobby for me, I spent a majority of my time on the weekend looking at open houses,” says Gerald Kimble.

Kimble recently relocated to Las Vegas from Birmingham, Alabama due to work, and he couldn’t help but notice what’s been going on with the state’s real estate market.

“Things are consistently rising here, it’s an exciting time to be in the market here in Las Vegas,” says Kimble.

Kimble just finished up training to get his real estate license at Key Realty School.

“Inventory is really low, as fast as things go on the market you have multiple offers, so it’s definitely a seller's market,” says Kimble.

About 100 students come through Key Realty School to get licensed every month.

“I’ve been extremely busy just based on the fact that we have a lot of people who want to come in from other states,” says Mike Federwitz, Key Realty School.

RELATED: Home buying frenzy happening in Las Vegas, real estate broker says

According to Las Vegas Realtors, the median home price for single-family homes in Southern Nevada was $355,000 in February 2021.

This breaks an all-time record set last November, and it had remained unchanged until now.

Despite the pandemic, it’s just over a 12% increase from February of 2020.

“They’re never shy in telling me their reasons for coming to the state of Nevada, but I think property values have a little to do with that,” says Federwitz.