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Las Vegas home prices have tripled in 10 years

2022 housing market
Posted at 6:21 AM, Feb 08, 2022
and last updated 2022-02-08 10:37:08-05

LAS VEGAS (KTNV) — A report released on Tuesday by Las Vegas Realtors shows the new year began the same way 2021 ended - with record home prices, a shrinking local housing supply and homes continuing to sell faster than during past years.

LVR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during January was $435,000. That tops the record high set in December. The median home price is up 26.1% from $345,000 one year ago.

RELATED: Vegas housing market sets another record at $435K median price in January

“Predictions of an unseasonably warm winter for the housing market appear to be coming true, despite a recent rise in mortgage interest rates,” said LVR president, Brandon Roberts.

Roberts noted it has now been a decade since the local housing market hit its post-recession bottom, when the single-family home price in Southern Nevada hit its low point of $118,000 in January of 2012.

"It's amazing to think that local home prices have more than tripled since then and are now $317,000 higher than they were 10 years ago," Roberts said.

According to LVR, 2021 was a record year for local home sales. The total number of existing local homes, condos, townhomes and other residential properties sold in Southern Nevada during 2021 was 50,010. That was the first time the association reported more than 50,000 properties changing hands in a year and topped the previous record set in 2011 by nearly 2,000 sales. By comparison, LVR reported 41,155 total sales during 2020.

Roberts expects local home prices to continue rising in 2022, but agrees with national experts who have been forecasting that they are likely to increase more gradually than they did in 2021.