LAS VEGAS (KLAS) — Home prices in Las Vegas are rising, posting an increase for the third straight month.
Information released Tuesday morning by Las Vegas Realtors (LVR) shows a 2.8% increase in the median price of a single-family home in May. The price is now $442,120 — more than $12,000 higher than the previous month.
Prices for condominiums and townhomes went up by $5,000, climbing to $275,000 in May.
LVR data shows homes are about $40,000 less than a year ago, when prices peaked at $482,000 in May 2022.
“Prices have now increased for a couple of months in a row heading into what is usually our strongest selling season,” LVR President Lee Barrett said. “It seems safe to say that we’re bouncing back from the bottom of this recent downturn.”
The median price is the one in the middle — half are higher and half are lower. LVR’s statistics show only prices for existing homes sold in the Las Vegas market. Sales of newly constructed homes is not included.
Coming off the hottest year in sales, comparisons to May 2022 show sales were down about 20% for both homes and condos/townhomes.
“During May, LVR found that 21.9% of all local property sales were purchased with cash,” according to a news release. “That’s down from 33.6% one year ago. It’s also well below the May 2013 cash buyer peak of 59.5% set a decade ago, indicating that investors have been less active in the local housing market.”
About 77% of single-family homes listed on the market sold within 60 days, and about 79% of condos/townhomes sold that quickly. That’s down from last year, when both figures were above 95%.