LVR reported the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during January was $485,000. That’s up 9% from $445,000 in January of 2024 – topping the previous record of $482,000 set in May of 2022.
The median price of local condos and townhomes sold in January was $293,000. That was up 6.5% from $275,000 in January 2024 – but short of the record high of $315,000 set in October.
By the end of January, LVR reported 5,215 single-family homes listed for sale without any sort of offer. That’s up 46.9% from one year earlier. The 1,896 condos and townhomes listed without offers in January represent a 66.9% jump from one year earlier.
LVR reported a total of 1,991 existing local homes, condos and townhomes sold in January. Compared to January 2024, sales were up 6.7% for homes, but down 13.2% for condos and townhomes. The sales pace in January equates to a housing supply of just over two and a half months. Last year at this time, Southern Nevada had a supply of less than two and half months.
Local home sales have been rebounding from a slow year in 2023. LVR reported a total of 31,305 existing local homes, condos and townhomes sold during 2024. That was up from 29,069 such sales in 2023 – the slowest year for existing local home sales since 2008. LVR tracked 35,584 total sales in 2022. That followed a record year for existing local home sales in 2021, when LVR reported 50,010 total properties were sold.
During January, LVR found that 28.5% of all local property sales were cash transactions. That’s up from 27.4% one year earlier, but well below the January 2013 cash buyer peak of 59.5%.
The number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 0.9% of all existing local property sales in January. That compares to 1.5% one year ago, 0.8% two years ago, 0.8% three years ago, 1.2% four years ago and 2.7% five years ago.
Source: Las Vegas Realtors
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