Nevada’s gambling mecca recorded the sales of 2,960 existing local homes, condominiums and townhomes in April, according to new data from Las Vegas Realtors. Compared to one year ago, this represents an increase of 19.2% for homes and 16.1% for condos and townhomes.
The sales spike is a major reversal from one year ago – Las Vegas Realtors dubbed 2023 as the slowest year for existing home sales since 2008. Approximately 3,500 single-family homes and exactly 1,248 condos and townhomes were listed without offers last month, a 7% decline and a 29.5% spike, respectively, from one year earlier.
The median price of existing single-family homes in this market last month was $469,000, up from $430,000 one year earlier; the local record high was $482,000 in May 2022. Condos and townhome median prices broke a new record with $290,000, a 7.4% increase from April 2023; the previous record of $287,000 was set in August 2022.
“Mortgage rates have been slowing down home sales this year, so it’s good to see more homes and condos selling,” said Merri Perry, the realtors’ group president. “Overall, demand continues to outpace the supply of homes here in Southern Nevada, and that’s driving up prices.”
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