Residential Real Estate News
Las Vegas Area Condo Prices Rise 7.3 Percent Annually in June
Single-family home prices also rise 7.7 percent annually in June
Based on a new report by Las Vegas Realtors, greater Las Vegas area home prices warmed up again in June 2024 with more homes available for sale.
LVR reported that the median price of existing single-family homes sold in Southern Nevada was $475,000. That's up 7.7% from $440,990 in June of 2023. Local home prices are approaching the all-time record of $482,000 set in May of 2022.
The median price of local condos and townhomes sold in June was $295,000, up 7.3% from $275,000 in June 2023. That ties the all-time high set in May.
LVR President Merri Perry said local housing prices have been increasing, even with mortgage interest rates rising this year.
"Fortunately, our local housing market has been outperforming most of the country in a few key ways," Perry said. "For example, home sales have been down nationally and approaching some of the lowest levels on record. Here in Southern Nevada, we've been selling more homes this year than we did last year. And unlike much of the nation, homes here have actually been selling faster than they were at the same time last year. At the same time, we're seeing more homes available for sale, which is good news."
By the end of June, LVR reported 4,114 single-family homes listed for sale without any sort of offer. That's up 11.8% from one year earlier. Meanwhile, the 1,367 condos and townhomes listed without offers in June represent a 47.0% increase from one year earlier.
LVR reported a total of 2,698 existing local homes, condos and townhomes sold in June. Compared to June 2023, sales were down 8.7% for homes and down 6.3% for condos and townhomes. The sales pace in June equates to a two-month housing supply, which is slightly more than one year ago but still considered tight by historical standards.
Heading into the summer, home sales have been rebounding from 2023, which was the slowest year for existing local home sales since 2008. LVR reported a total of 29,069 sales of existing local homes, condos and townhomes in 2023. That was down from 35,584 total sales in 2022. That followed a record year for existing local home sales in 2021, when LVR reported 50,010 total properties were sold.
During June, LVR found that 26.6% of all local property sales were cash transactions. That's up from 25.1% one year ago but well below the June 2013 cash buyer peak of 59.5%.
The number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 1.1% of all existing local property sales in June. That compares to 1.2% one year ago, 0.5% two years ago, 0.7% three years ago, 2.2% four years ago and 2.2% of all sales five years ago.
These LVR statistics include activity through the end of June 2024. LVR distributes statistics each month based on data collected through its MLS, which does not account for all newly constructed homes sold by local builders or homes for sale by owners.
Las Vegas market highlights include:
- The total value of local real estate transactions tracked through the MLS during June was nearly $1.3 billion for homes and nearly $192 million for condos, high-rise condos and townhomes. Compared to one year earlier, total sales values in June were up 3.1% for homes and up 1.1% for condos and townhomes.
- In June, 86.9% of all existing local homes and 83.0% of all existing local condos and townhomes sold within 60 days. That compares to one year earlier, when 81.3% of all existing local homes and 82.6% of all existing local condos and townhomes sold within 60 days.
