(The Center Square) – Home prices in Las Vegas continued upwards in April, according to new data from Las Vegas REALTORS.
The median price of existing single-family homes sold in southern Nevada was $469,000. That’s down from a record $482,000 in May 2022, but up from $430,000 in April 2023.
The organization also says condos and townhome prices hit a record high last month. The median price of condos and townhomes sold last month was $290,000, a 7.4% increase from April 2023 and well beyond the $287,000 record 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,” LVR President Merri Perry said in a press release. “Overall, demand continues to outpace the supply of homes here in Southern Nevada, and that’s driving up prices.”
The area saw 2,960 existing local homes, condos and townhomes sold in April. That is an increase of 19.2% for homes and 16.1% for condos and townhomes compared to April 2023.
According to LVR, 2023 was the slowest year for existing home sales since 2008. In 2023, there were 29,069 home, condo and townhome sales were reported, down from 35,584 in 2022. The year prior, 50,010 properties were sold.
