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Southern Nevada Home Prices Hit Record High

Tuesday, July 7, 2020   /   by Ken Couture

Southern Nevada Home Prices Hit Record High

Southern Nevada home prices have hit an all-time high, according to new figures released Tuesday by Las Vegas REALTORS.

The median price for a single-family home sold in June was a record $325,000, breaking the previous top record of $319,000 which was set in March.

According to the report, despite the coronavirus pandemic, house sale prices were higher, but fewer homes sold compared to the same time last year.

“The demise of the housing market due to COVID-19 was highly overrated. The Las Vegas housing market is alive and well,” said 2020 LVR President Tom Blanchard. “Home sales increased nearly 45% from last month. We’re also adding homes to our overall inventory. The inventory may still be tight, but buyers are willing to pay more for a home here.”

Condos and townhomes also saw price growth, though not as strong as for single family homes. The median price of of just over $187,000 in June was up 5.3% from June of 2019.

Blanchard said it helps that the local housing market was on solid footing when Nevada declared a state of emergency in March, with home sales running ahead of last year’s pace and existing local home prices finally breaking their all-time record of $315,000 set back in June of 2006. In addition, 80% of homes sold within 60 days of being listed.

Another trend is the slowing of sales overall:  June sales in 2020 were down 15.1% for homes and down 35.0% for condos and townhomes compared to June of 2019.

Even with fewer homes available, Blanchard said the homes on the market is below the six-month supply considered to be a balanced market.

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