Las Vegas Area Home Prices Set New Record in May

Source: The World Property Journal — 

Las Vegas Realtors are reporting this week that the median price of existing single-family homes sold in Southern Nevada during May 2021 was $385,000. That tops the all-time record set in April. May’s median home price is up 22.2% from $315,000 one year ago. The median price of local condos and townhomes sold in May was $205,000. That’s up 10.8% from $185,000 in May of 2020.

“Like the previous month, these statistics benefit from a comparison to a time last year when our housing market was hit especially hard by the pandemic,” said 2021 LVR President Aldo Martinez. “It remains to be seen how much higher these prices can go in the coming months, since we’re reaching a point where more first-time and entry-level buyers are being priced out of the market.”