LAS VEGAS (KTNV) — The median price of a home in Las Vegas keeps inching toward and all-time, according to a report released Wednesday.
Las Vegas Realtors, a real estate agent trade group in Southern Nevada, reports that the median price for an existing home in the area was $473,000 in May, a 7% increase from the same month in 2023.
Home prices are now closing in on the all-time record median price of $482,000, a mark that was set in May 2022.
As for condos and townhomes in the valley, they did hit a record high in May, with the median price landing at $295,000, up 7% from May 2023. The old record was $290,000, which was set in April.
In a statement, Merri Perry, a longtime local Realtor and the president of LVR, said there is some good news for homebuyers.
“Although the demand for housing in Southern Nevada continues to outpace our supply, increased sales and inventory are positive signs for consumers and for our members,” Perry said.
In May, according to the trade group, just under 3,100 homes, condos and townhomes were sold in Southern Nevada. For single-family homes, sales were up 4% when compared to May 2023.
Also in May, 26% of all property sales were completed as cash transactions, up 22% from May 2023. More cash transactions can signal a number of trends, including that investors and more interested in purchasing homes.
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