Valley home prices continued to tick upward in March

Las Vegas, NV (KXNT) - A new report released Tuesday from Las Vegas Realtors shows the price of a pre-existing single-family home increased by just over 1% over the past month, with the median price now sitting at $465,000.

The new figure is $5,000 more than the median price from February, and 9.4% higher than the median price from a year ago -- $425,000.

The median price for a pre-existing single-family home in Las Vegas hit a record price of $482,000 in May 2022.

Over the past few months, home sales in the valley have been sluggish, as higher interest rates combined with a low inventory of available homes to slow down demand. Though available inventory remains low, LVR hopes that an expected drop in interest rates might help spur demand once again.

Prices for condominiums and townhomes were stable, falling just $500 since February. The median price is now $282,500, up 8.7% from $260,000 in March 2023. The record is $287,000, set in August of 2022.