LAS VEGAS (FOX5) – In January 2022, home prices in the Las Vegas Valley were on a trend of setting record highs every month while not being on the market for a long time.
Fast forward a year and prices are falling, with more homes for sale and fewer for sale, according to new statistics from Las Vegas realtors.
“What a difference a year makes,” said Las Vegas Realtors President Lee Barrett. “After seeing mortgage rates rise for several months, rates have recently come down. We’re still seeing more homes listed for sale and fewer people buying – especially when you compare what’s happening now to where we were a year ago. Last year at this time, our home prices were setting monthly records and were up nearly 26% for the year.”
The median single-family home price in Southern Nevada was $425,000 in January 2023, the same as in December. In January 2022, the price was $435,000.
As for sales, Las Vegas Realtors reported that a total of 1,723 existing local homes, condos and townhomes sold in January. Compared to a year ago, sales were down 48.3% for homes and 44.4% for condos and townhomes.
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