LAS VEGAS (KLAS) — Residence costs dropped because the yr ended, however completed 2024 properly above ranges a yr in the past.
Single-family houses within the valley bought in December at a median value of $475,000, in response to figures launched early Tuesday by Las Vegas Realtors. Condominiums and townhomes declined to $290,000. The median value is the one within the center — half bought at larger costs and half bought decrease.
The median value for condos has dropped $25,000 in two months after peaking in October at a document $315,000. Single-family houses declined by $5,000 and are about the identical as two months in the past.
The features over the previous yr have been notable, withstanding rate of interest pressures that might have stifled value progress. The variety of obtainable houses has additionally elevated because the yr went on, LVR mentioned. The month-to-month report relies on the costs of houses bought by way of LVR’s A number of Itemizing Service — it doesn’t embody new development or houses bought by their homeowners.
In keeping with Bankrate.com, a 30-year fastened mortgage has a present rate of interest of seven.13% in Nevada as of Monday.
A yr in the past, single-family houses closed the yr at a median $449,900. Properties have appreciated 5.6% over the previous yr. For condos/townhomes, costs are 7.4% larger than a yr in the past, when the median value was $270,000.
LVR President George Kypreos, who took over as president of the affiliation Jan. 1, mentioned potential consumers are benefiting from regular costs and a rise within the variety of houses obtainable on the market since final yr. “December is traditionally one of the slowest months of the year for the housing market, and these statistics reflect that,” Kypreos mentioned. “All things considered, I think this month’s LVR statistics paint a picture of a fairly stable and relatively healthy housing market heading into 2025.” LVR mentioned extra houses bought in 2024 than in 2023. Gross sales of single-family houses totaled about $1.1 billion in December, and condos/townhomes totaled about $144 million.
LVR reported a complete of 31,305 present native houses, condos and townhomes bought throughout 2024. That was up from 29,069 such gross sales in 2023 – the slowest yr for present native house gross sales since 2008. LVR tracked 35,584 whole gross sales in 2022. That adopted a document yr for present native house gross sales in 2021, when LVR reported 50,010 whole properties have been bought.
In December, 74.5% of all present native houses and 75.8% of all present native condos and townhomes bought inside 60 days, a barely slower tempo than final yr.
By the tip of December, LVR reported 4,965 single-family houses listed on the market with none type of supply. That’s up 31.8% from one yr earlier. The 1,763 condos and townhomes listed with out affords in December signify a 55.6% improve from one yr earlier.
