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Southern Nevada home prices continue to rise despite fewer homes selling, Las Vegas REALTORS says

LVR releases housing report for March 2022
Vegas Home Prices
Posted at 7:24 AM, Apr 06, 2022
and last updated 2022-04-07 01:22:34-04

LAS VEGAS (KTNV) — A new report from the Las Vegas REALTORS shows prices continue to rise in Southern Nevada despite sales being down from this time last year.

LVR says the median price of existing single-family homes during March was $460,000. That breaks the record set the previous month and is up 26.7% from $363,000 one year ago.

For condos and townhomes, the median price in March broke the all-time record set in February, climbing to $270,000. That's also up 39.2% from $194,000 in March 2021.

LVR says existing local home prices have nearly quadrupled since hitting their post-recession bottom in January of 2012. At that time, the median single-family home price in Southern Nevada was $118,000.

MORE ON HOUSING: Digging deeper: What's driving up Vegas area home prices? What does it mean for those who live here?

Meanwhile, by the end of March, LVR reported 2,005 single-family homes listed for sale without any sort of offer. That’s up 13.1% from the same time last year.

However, the agency says the 394 condos and townhomes listed without offers in March represent a 34.0% decrease from one year earlier.

4,205 existing homes, condos and townhomes sold in March, the LVR reports.

While sales increased from February, March sales were down 12.2% for homes and down 6.5% for condos and townhomes compared to one year earlier.

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So far this year, existing-home sales are down from the same time in 2021. According to LVR, 2021 was a record year for existing home sales in Southern Nevada, with 50,010 local homes, condos, townhomes and other residential properties selling.

That was the first time the association reported more than 50,000 local 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.

For more housing stories in the Las Vegas area, including rising rents and how officials are addressing increasing housing costs, visit ktnv.com/Housing.