Las Vegas Home Prices Set New All-Time Record in January; Median Price Reaches $485,000
LAS VEGAS, NV – After several months in a row of ebbing and flowing and coming precariously close, Las Vegas home prices in January finally set a new all-time record for the region.
According to a new report by industry group Las Vegas REALTORS, the median price of an existing single-family home in Las Vegas reached $485,000 in January; this represents a whopping $10,000 increase over the previous month’s price and a jump of nine percent year-over-year.
The previous record high in Vegas was $482,000, set back in May 2022.
Brian Gordon, Principal with Applied Analysis, said that following a degree of stagnation in the local home market that saw inventory rise, recent renewed demand driven by an influx of out-of-state transplants – and a subsequent increase in sales – led to January’s significant jump in housing costs.
Prices have continued to rise. We’ve seen a decent amount of home sales take place over the last month,” Gordon said. “The demand side of the equation has continued. We continue to see people migrating in. We’re seeing people move in from California and other markets that are demanding housing.”
However, increased demand isn’t the only driving force behind rising home values; Gordon also noted that the costs associated with building homes have also been going up as of late.
The cost of land that’s ultimately required. The cost of building materials or labor,” he said. “All of that sort of factors into prices on the new home construction side and that tends to ripple through the real estate market. I think the resale market is also seeing some of that upward pressure on pricing as demand continues to persist.”
But, while this may create unfortunate barriers to affordable housing for some, the good news is that Vegas residents fortunate enough to already own a residence are enjoying a sizable jump in the equity that their home has been building up over the years.
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.