Condo, Townhome Prices in Vegas Hit All-Time High in September; Home Prices Drop Slightly
LAS VEGAS, NV – As per a new report by Las Vegas Realtors (LVR), the median price of condominiums and townhomes in Vegas during the month of September hit their all-time high, while single-family home prices dropped ever-so-slightly still remaining perilously close to record levels.
In September, the median price of condos and townhomes in the Valley reached their highest level in history at $299,500, surging a whopping $7,500 over August’s $292,000 median price; this bests the previous record set in July when that amount was $296,000, and represents a 10.9 percent increase year-over-year.
As for pre-existing, single-family homes in Vegas, September’s median price was $299,500, a 6.6 percent year-over-year increase and an ever-so-slight decrease of just $100 from August’s $480,000 median price. September’s price, while infinitesimally lower from the month before, nonetheless remains just $2,100 shy of the region’s all-time record of $482,000, originally set in May 2022.
While real estate prices in Southern Nevada dropped slightly prior to the Federal Reserve’s half-percentage point interest rate cut in August, September overall saw prices rise yet again; single-family homes have increased in value in eight out of the nine months of this year so far.
LVR President Merri Perry nonetheless remained optimistic that the Fed’s rate cut – and the additional ones it plans to institute in the near future – will make homes in the Valley more affordable sooner rather than later.
The interest rate cut announced in September by the Fed can only help the housing market,” she said. “While I don’t think this will have a dramatic impact, it certainly helps people, especially prospective homebuyers.”
2.277 homes, condos and townhomes changed hands in Las Vegas in September, representing an overall decrease year-over-year among all three; home sales were 1.6 percent lower when compared to September 2023, and condo and townhome sales were down 12.1 percent.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.