Springing Forward: Las Vegas Home Sales Surge in April

Spring is in full swing, and so are home sales across the Las Vegas Valley! According to the latest report from Las Vegas Realtors, the housing market in Southern Nevada experienced a significant uptick in April, with both single-family homes and condos/townhomes seeing notable increases in sales and prices.

Let’s dive into the numbers:

Single-Family Homes: The median price for existing single-family homes soared to $469,000 last month. That’s a noteworthy 9.1% increase compared to April of the previous year when the median price stood at $430,000. Even compared to March 2024, which boasted a median price of $465,000, April’s numbers show a steady upward trend.

Condos and Townhomes: Meanwhile, condos and townhomes also saw a surge in prices, reaching a new record high with a median price of $290,000. This marks a substantial 7.4% increase from the same time last year. Surpassing the previous record set in August 2022 at $287,000, it’s evident that demand for these properties remains robust.

Sales Volume: In terms of sales volume, April saw a total of 2,960 existing homes, condos, and townhomes change hands. Compared to April of the previous year, this represents an impressive increase of over 19% for homes and more than 16% for condos and townhomes. Despite concerns about rising mortgage interest rates, buyers are clearly eager to make their move in the Las Vegas market.

Supply and Demand: However, with increased demand comes tighter inventory. The current housing supply stands at less than a two-month supply, indicating a fast-paced market favoring sellers. Merri Perry, president of Las Vegas Realtors, highlighted the persistent issue of supply lagging behind demand, attributing it to the continuous upward pressure on prices.

Looking Ahead: As we move further into the year, it’s essential to keep an eye on market trends and developments. Despite challenges such as rising mortgage rates, the Las Vegas housing market remains resilient and continues to attract buyers. With inventory tightening, sellers are in a favorable position, but buyers should act decisively in this competitive market.

Houses that are priced, presented & marketed correctly are selling fast.

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The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Very Vintage Vegas does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your research and due diligence and obtain professional advice before making any investment decision. Very Vintage Vegas, will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.