LAS VEGAS, Nev. (FOX5) – Housing prices in Southern Nevada continue to inch toward record-breaking highs in July.
According to a new report from Las Vegas Realtors, the median price for a single-family home sits around $480,000. That’s up 6.7 percent from July 2023, where median prices hovered at $450,000.
July’s median prices are rocketing towards Southern Nevada’s all-time high of $482,000, set in May 2022.
Condos and townhomes were sold at a median price of $296,000, up 8.2% from $273,500 in July 2023 and setting a new record for the year.
In total, 2,764 local homes, condos, and townhomes were sold in July.
4,634 homes remained on the market without any offers by the end of the month, while 1,481 condos and townhomes also remained without sale.
“It looks like prices for homes here in Southern Nevada will soon follow what’s already occurred with condos and townhomes, which have been at record levels since May,” LVR President Merri Perry said. “One bright spot for home buyers in this month’s report is that we continue to see more homes hitting the market and available for sale.”
The report notes that July’s sales pace equates to a two-month housing supply. Last year at this time, it was less than a two-month supply of properties available for sale.
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