Despite a decline in Southern Nevada home prices this October, Las Vegas condo and townhome prices have reached new heights. According to Las Vegas Realtors, median prices for condos and townhomes set a record at $315,000—a 14.3% increase compared to last year and surpassing the previous record set in September.
Single-family homes in the area saw a slight dip in prices compared to the previous month, with October’s median at $475,531, reflecting a 5.9% year-over-year rise.
LVR President Merri Perry noted that the conclusion of the election may impact market trends, as some buyers have been hesitant amidst the uncertainty. However, Perry highlighted the growing inventory and sales levels, which have exceeded last year’s numbers.
By the end of October, over 5,784 single-family homes and 1,799 condos and townhomes were available without offers, indicating a housing supply of just over three months—up from two months last year.
Source: KVVU
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