The Las Vegas housing market has demonstrated remarkable steadiness through September, with home prices remaining relatively unchanged from August and year-over-year figures. According to the latest data from Las Vegas REALTORS® (LVR), the median price for single-family homes sold in Southern Nevada last month was $450,000. This mirrors August’s figure and aligns closely with the $450,500 recorded in September 2023. For townhomes and condos, the median price stood at $275,000, which is also consistent with August and only slightly below last year’s $280,000.
Despite higher mortgage rates influencing buyer activity, local housing inventory remains limited. This combination of factors has contributed to a balanced yet competitive market. September closed with just over 3,500 single-family homes available for sale without offers—a 40% drop compared to the same time last year. Similarly, condo and townhome inventory has decreased by nearly 30% year-over-year, emphasizing the ongoing challenges buyers face in finding available properties.
While overall sales volumes continue to lag behind pre-pandemic levels, the stability in pricing highlights the market’s resilience amid broader economic fluctuations. Fewer listings combined with steady demand have helped maintain pricing consistency, offering sellers confidence in a slower-paced market while keeping options open for buyers.
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