The Las Vegas market reported a total of 2,764 existing local homes, condos and townhomes were sold in July, according to data from Las Vegas Realtors (LVR). Compared to one year earlier, home sales were up 5.1% while condo and townhome sales were up 1.5%.
By the end of July, LVR reported 4,634 single-family homes listed for sale without any sort of offer, up 31.5% from one year earlier. The 1,481 condos and townhomes listed without offers in July marked a 70% increase from one year earlier.
The median price of existing single-family homes sold through LVR’s multiple listing service during July was $480,000, up 6.7% from $450,000 from one year earlier and slightly below the record of $482,000 set in May of 2022. The median price of local condos and townhomes sold in July was $296,000, up 8.2% from $273,500 in July 2023 for an all-time high.
During July, LVR found that 25.1% of all local property sales were cash transactions, unchanged from one year earlier. Short sales and foreclosures combined accounted for 0.8% of all existing local property sales, unchanged from July 2023.
“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,” said LVR President Merri Perry. “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.”
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