Residential Real Estate News
2023 Slowest Year for Las Vegas Area Home Sales Since 2008
Based on new data by Las Vegas Realtors, local area home prices are on the rise so far in early 2024.
LVR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during March was $465,000. That's up 9.4% from $425,000 in March of 2023. Local home prices are still below the all-time record of $482,000 set in May of 2022.
The median price of local condos and townhomes sold in March was $282,500, up 8.7% from $260,000 in March 2023. That's approaching the all-time high of $287,000 set in August of 2022.
LVR President Merri Perry said the local housing market is starting to bounce back from a sluggish 2023 that was slowed by a persistently tight housing supply and elevated mortgage interest rates.
"Although prices have been rising recently, they're still below the all-time high we hit in 2022," Perry said. "One of our biggest issues continues to be our housing supply. As we've been saying for a long time, it would help our local housing market if we had more homes to sell."
By the end of March, LVR reported 3,323 single-family homes listed for sale without any sort of offer. That's down 20.8% from one year earlier. Meanwhile, the 1,179 condos and townhomes listed without offers in March represent a 6.9% increase from one year earlier.
LVR reported a total of 2,672 existing local homes, condos and townhomes sold in March 2024. Compared to March 2023, sales were down 11.8% for homes and down 1.8% for condos and townhomes. The sales pace in March equates to less than a two-month housing supply, similar to one year ago.
According to LVR, 2023 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 March, LVR found that 26.1% of all local property sales were cash transactions. That's up from 24.5% one year ago. That's well below the May 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 March. That compares to 0.9% one year ago, 0.2% two years ago, 0.6% three years ago, 2.0% four years ago and 2.5% of all sales five years ago.
These LVR statistics include activity through the end of March 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.
Other Las Vegas area market highlights:
- The total value of local real estate transactions tracked through the MLS during March was more than $1.2 billion for homes and nearly $190 million for condos, high-rise condos and townhomes. Compared to one year earlier, total sales values in March were up 0.4% for homes and up 10.7% for condos and townhomes.
- In March, 77.0% of all existing local homes and 76.1% of all existing local condos and townhomes sold within 60 days. That compares to one year earlier, when 65.7% of all existing local homes and 71.7% of all existing local condos and townhomes sold within 60 days.
