A home for sale is shown in a residential area near Wigwam Avenue and Buffalo Drive Thursday, June 9, 2022.
Tuesday, Jan. 9, 2024 | 5 a.m.
Las Vegas in 2023 saw its slowest year for local home sales in at least a decade, Las Vegas Realtors announced Tuesday. Last year marked the region’s fewest local property sales since at least 2014, and likely since the Great Recession, the organization said in a release.
The median sale price of single-family homes in Southern Nevada last month was $449,000, up nearly 6% from December 2022. The median sale price of local condos and townhomes was $270,000, for a more than 9% increase from December 2022.
“It was good to see interest rates coming back down late in the year,” Merri Perry, the newly appointed president of Las Vegas Realtors, said in a statement. “That helps more buyers afford a home.”
A tight housing supply slowed sales in 2023, but also led to slightly increased home prices, Perry said, which she attributed to mortgage interest rates that rose throughout the year before dipping at its end.
There were 3,766 single-family homes and 1,133 condos and townhomes listed for sale without offers by the end of December 2023, the report said. That’s down nearly 40% and 18.5% from the year before, respectively.
Sales were down 1% for homes but up over 18% for condos and townhomes in December 2023 compared to the same time in 2022, according to the report.
“While we still need more homes on the market, many national experts are predicting at least some increase in the housing supply as we get into 2024,” Perry said in a statement. “That should help buyers and help us sell more homes.”