Las Vegas Home Prices Drop Further in October, Condos, Townhomes Continue to Set Records
LAS VEGAS, NV – According to a new report by a local industry group, the prices of homes in Southern Nevada continued to drop in October for the second month in a row, while condominiums and townhomes – prices of which already hit an all-time high last month – continued to set records.
As per Las Vegas Realtors (LVR), the median price of a pre-existing, single-family home in Las Vegas in October 2024 was $475,531; this represents a $4,369 decrease from September 2024, when that amount was $479,900, itself a $100 drop from August. However, October’s house price numbers represent a 5.9 percent increase year-over-year from October 2023, when the price of a home was $449,000.
Currently, the region’s all-time record for single-family homes is $482,000, originally set in May 2022.
In contrast, October’s median price for condos and townhomes set an all-time record for the second month in a row, hitting $315,000 after reaching their highest level in history at $299,500 in September, with that number, in turn, surging a whopping $7,500 over August’s $292,000. October’s condo and townhome numbers represent a 14.3 percent year-over-year increase from October 2023’s price of $275,500.
LVR President Merri Perry Noted in a news release that many buyers had put their purchasing plans on the back burner while awaiting the outcome of the 2024 presidential election; now that that contest has been decided, she said she anticipates it to have a very distinct impact on the real estate scene, both in Las Vegas and nationwide.
It will be interesting to see what happens to the housing market now that the election is ending, since many national reports have suggested that uncertainty surrounding the election has made many would-be buyers pause their plans,” Perry said. “As this month’s report shows, recent trends are showing steady increases in inventory and sales surpassing last year’s levels.”
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