LAS VEGAS (KTNV) — A report released Tuesday by Las Vegas REALTORS® shows local home prices in November reached an all-time high.
LVR reported the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during November was $488,995.
That’s up 1.9% from November of 2024 – and tops the all-time high of $485,000 reached several times earlier this year.
The median price of local condos and townhomes sold in November was $303,750. That’s up 0.8% from November 2024 – but still below the record high of $315,000 set in October 2024.
“Even with this new record for our median home price, overall trends have been shifting more in favor of home buyers,” said LVR President George Kypreos. “We’re selling fewer homes. We have more homes available for sale. And we saw a nice dip in mortgage interest rates last week. All of this benefits people who are prepared and can afford to buy.”
By the end of November, LVR reported 7,033 single-family homes listed for sale with no offers. That’s up 26.3% from one year earlier.
The 2,613 condos and townhomes listed without offers in November represent a 40.8% jump from one year earlier.
LVR reported a total of 1,918 existing local homes, condos and townhomes sold in November. Compared to November 2024, sales were down 6.6% for homes and down 20.2% for condos and townhomes.
Local home sales have been on a roller coaster ride in recent years. In 2024, LVR reported a total of 31,305 existing local homes, condos and townhomes were sold.
That was up from 29,069 such sales in 2023 – the slowest year for existing local home sales since 2008. LVR tracked 35,584 total sales in 2022. That followed a record year for existing local home sales in 2021, when LVR reported 50,010 total properties were sold.
Other highlights include:
- In November, 70.9% of all existing local homes and 67.1% of all existing local condos and townhomes sold within 60 days. That’s down from one year earlier, when 79.3% of all homes and 77.9% of all condos and townhomes sold within 60 days.
- During November, LVR found that 23% of all local property sales were cash transactions. That’s down from 24.9% one year earlier – well below the February 2013 cash buyer peak of 59.5%.
- The number of so-called distressed sales remains stable and near historically low levels. LVR reported that short sales and foreclosures combined accounted for 0.5% of all existing local property sales in November. That compares to 0.9% one year ago and 0.8% five years ago.
- The total value of local real estate transactions tracked through the MLS during November was nearly $952 million for homes and nearly $119 million for condos, high-rise condos and townhomes. Compared to one year earlier, total sales values in November were down 3.6% for homes and down 22.1% for condos and townhomes.
