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Las Vegas House Prices Exceed $400,000 For The First Time

Monday, August 9, 2021   /   by Ken Couture

Las Vegas House Prices Exceed $400,000 For The First Time

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Median home prices on the Las Vegas home resale market topped $ 400,000 for the first time last month, raising concerns that as home values ??continue to hit record highs, the price of any premises may be affected.

In July, the median sales price of single-family homes in most markets was US$405,000, which was 2.5% higher than the historical record set in June and 22.7% higher than in July last year. A new report from the Las Vegas Realtor Trade Association.

Buyers bought 3,352 homes last month, a decrease of 5.4% from June, but slightly higher than July 2020 sales by 0.8%. 4,444

Meanwhile, the inventory of available homes soared from the prior month but overall remained low.

A total of 3,007 houses were on the market without offers at the end of July, up 22.5 percent from June but down 37.4 percent from a year earlier, according to the association.

The real estate market in Southern Nevada has hit record prices in recent months and sales are fast, primarily due to low loan costs that allow buyers to expand their budgets. According to various sources, home buyers offer large numbers of property deals and often pay more than the asking price, while home builders often raise prices, put buyers on waiting lists, and bid. 

Besides low borrowing costs, the market has been fueled by an influx of buyers from more expensive markets.

During the pandemic, Las Vegas has more out-of-state buyers than usual, especially from California, because many remote workers have left high-priced areas and moved to large homes in cheaper areas like southern Nevada.

Las Vegas Realtors President Aldo Martinez said in a news release that he expected local home prices to surpass $400,000 this summer and that “the median affordable price for Southern Nevadans may soon be out of reach.”

Martinez, branch manager of Berkshire Hathaway HomeServices Nevada Properties, said that house prices in the Las Vegas area are rising faster than income, "in the long run, this seems unsustainable."

“Even with mortgage interest rates near all-time lows, we know it’s getting difficult for first-time buyers and working-class families to afford a home,” he said.

He added that many buyers are turning to condos and townhomes, which tend to be less expensive than single-family houses, while others will have to rent “because they’re no longer able to purchase at these prices.”

Realty One Group Agent Michelle Hardy Rodriguez recently stated that she works with many first-time home buyers. He noted that many of them work in the tourism industry in Las Vegas, and many of them have already retired from the market.

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