LAS VEGAS (KLAS) — Las Vegas house costs have leveled out over the previous 12 months, barely altering month-to-month. In August, a 1% drop introduced costs proper into the center of the vary they’ve been in for the previous 14 months.
At $480,000, a single-family house is out of the value vary of most Las Vegans until husband and spouse are each flattening good salaries. And that is about the place costs have been since June 2024, various solely by about 1% larger or decrease, as excessive as $485,000 and as little as $475,000. The all-time excessive? On the prime of that vary, simply $5,000 greater than now.
Costs for condominiums/townhomes have been extra unstable. Presently at $298,000, in keeping with a month-to-month report from Las Vegas Realtors (LVR), costs have gone as excessive as $315,000 and as little as $290,000 over the previous 16 months.
Extra properties are on the market than a 12 months in the past — a four-month provide in comparison with a two-month provide — however provide hasn’t achieved a lot to maneuver the needle.
LAST MONTH: Condos drop by $15,000 in Las Vegas, however single-family house costs unchanged
“These statistics are another sign of stability in our local housing market,” LVR President George Kypreos stated. “Home prices here in Southern Nevada haven’t moved much this year. Besides having more homes on the market to choose from, buyers should also be pleased to see mortgage interest rates going down this month.”
LVR’s August report, which seems to be on the median costs of properties in the marketplace, solely contains gross sales by its A number of Listings Service (MLS). New house development and gross sales by homeowners are usually not included. The median value is the one within the center — half are larger and half are decrease.
A report final week from on-line dealer Redfin indicated pending house gross sales in Las Vegas had fallen 8.6% in July in comparison with July 2024.
LVR’s report confirmed the variety of properties bought dropped 14.2% in August in comparison with August 2024.
An Aug. 25 report from Newsweek referred to as Las Vegas “the fastest cooling housing market in the country.” It described a glut of properties on the market, saying that was pushing costs down.
Costs stay larger than they had been a 12 months in the past: single-family properties are $3,125 larger (0.7%) and condos/townhomes are $6,000 larger (2.1%).
Extra statistics supplied by LVR:
By the top of August, LVR reported 7,206 single-family properties listed on the market with none kind of provide. That is up 36.8% from one 12 months earlier. The two,560 condos and townhomes listed with out provides in August characterize a 56.1% soar from one 12 months earlier.
LVR reported a complete of two,320 present native properties, condos and townhomes bought in August. In comparison with August 2024, gross sales had been down 14.2% for properties and down 15.4% for condos and townhomes.
In August, 77.5% of all present native properties and 72.2% of all present native condos and townhomes bought inside 60 days. That is down from one 12 months earlier, when 86.5% of all properties and 82.9% of all condos and townhomes bought inside 60 days.
Throughout August, 22.9% of all Las Vegas property gross sales had been money transactions, down from 24.1% one 12 months earlier. That is effectively under the February 2013 money purchaser peak of 59.5%.
