Las Vegas, NV –
The Las Vegas housing market continues to cool off as the year reaches its end, according to a local industry group.
The median price for a single-family home sold in Southern Nevada during November was $430,990, the group Las Vegas Realtors reports.
That figure is down 2% from October, when the median price was $440,000. It’s also down from the record of $482,000 set this past May.
Still, the median price from November is up 2.6% compared to $420,000 from November last year, according to Las Vegas Realtors.
“Local home prices are starting to look more like they did a year ago,” Brandon Roberts, Las Vegas Realtors president, said in a news release. “But we’re certainly in a different place than we were last year, when prices were soaring and setting records.”
He added: “The shift we’ve seen since mortgage interest rates started rising earlier this year has sparked a situation where many buyers are struggling to afford a home, while many homeowners are reluctant to sell and give up the historically low interest rate they’re enjoying on their current home.”
A total of 1,983 existing homes, condos and town homes were sold last month. That’s down more than 53% for homes compared to November 2021 and down more than 46% for condos and townhomes.
Las Vegas Realtors reported 7,342 single-family homes were listed for sale without any offer by the end of November, up more than 161% from the same time last year. Similarly, there was a nearly 223% jump in the number of condos and townhomes listed without offers.
Tom Blanchard, the president-elect of Nevada Realtors, said the prices may not be dropping too much more.
“For those who are sitting on the fence waiting for this huge price decrease to come in play, I don’t think that’s going to happen because we have still too much demand coming from outside sources that we just there’s no reason for it to go down anymore,” Blanchard said.
He said the LVR report shows the local housing market is returning to normal, and there’s more inventory than we’ve seen in a while meaning more choices for buyers.
*Story originally appeared on Channel 3 Las Vegas