Las Vegas, NV (KXNT) - A report released Tuesday by Las Vegas REALTORS® (LVR) suggests the Southern Nevada housing market may be in store for an unseasonably warm winter.
LVR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during November was $420,000, up 21.7% from $345,000 one year ago. That tops the record high set the previous month by 2.4%.
The median price of local condos and townhomes sold in November was $240,000. That also breaks the all-time record set the previous month and is up 20.2% from $199,700 in November of 2020.
LVR President Aldo Martinez, a longtime local REALTOR®, agreed with forecasts from experts like Lawrence Yun, chief economist for the National Association of REALTORS®, who recently said he expects home prices will increase at a “gentler pace” over the next several months as mortgage interest rates rise. “We’re probably looking at more modest growth for 2022,”
Martinez said. “If our median home prices continue to go up by double digits in 2022, it’ll be the first time we’ve had three straight years of double-digit price growth in more than a decade. The closest we came to that was in 2012 and 2013.”
The local housing supply remains tight, with homes selling faster than in past years. Martinez said the current sales pace equates to less than a one-month supply of properties available for sale.