Tuesday, Dec. 7, 2021 | 5 a.m.
The median sales price for an existing home in the Las Vegas area reached $420,000 during November, according to a report released this morning by the Las Vegas Realtors trade group.
In establishing a new record high, prices are up 22% from November 2020, the report indicates. The mark is slightly up from October’s median sales price of $410,000.
Aldo Martinez, president of the group, said in a statement that he expects home prices to continue to inch up in 2022.
“We’re probably looking at more modest growth,” he said.
For local condominiums and townhomes sold last month, the median price in the greater Las Vegas area was $240,000, which represented another record. Existing condos and townhomes went for a median price of just under $200,000 in November 2020, according to the report.
Lawrence Yun, an economist for the National Association of Realtors, recently stated that he expects home prices to increase at a “gentler pace” over the next several months, partially because he expects mortgage rates to remain low.
This winter, Yun said, he expects there to be more sales compared to pre-pandemic winters going back to 2006.
Homes have also been flying off the market in most cases. In November, 91% of all existing homes and condos and townhomes sold had been on the market for less than 60 days.
During the same month last year, 85% of all existing homes that were sold had been on the market for 60 days or less. Only 78% of all condos and townhomes sold had been listed for 60 days or less.
Investors also seem to be more active in the market of late, according to the report, which showed that about 30% of all property sales in Southern Nevada last month closed as cash sales. That’s up from 19% in November 2020.
The Las Vegas housing market bottomed in 2012 following the Great Recession, when the median price for a home sank to $118,000.
The market remains one of the tightest ever in the valley, with less than a one-month supply of homes available.
A six-month supply is generally thought to be close to a balanced market.
