Home prices in Las Vegas reached a new high, with existing single-family homes at a median of $488,995, up 1.9% from last November. Condos and townhomes had a median price of $303,750, below the record $315,000 set in October 2024, as reported by FOX5 Vegas.
In November, home sales in Las Vegas fell compared to last year. Existing single-family homes sold dropped by 6.6%, and condos and townhomes sold dropped by 20.2%. At the same time, the number of homes for sale increased, with single-family homes up 26.3% and condos and townhomes up 40.8% without offers, according to News 3 LV.
"Even with this new record for our median home price, overall trends have been shifting more in favor of home buyers," George Kypreos, President of Las Vegas Realtors, told 8 News Now. Mortgage rates have decreased, housing inventory has risen to a five-month supply, and fewer homes are selling within 60 days, creating potential opportunities for buyers.
On the investment side, Redfin reported a slight 1% year-over-year increase in U.S. investor home purchases in the third quarter. Local and national trends show some buyers are priced out while investors face lower profit potential, reflecting broader economic influences on the housing market.
