Las Vegas REALTORS (LVR) released a report last October showing the continuous stabilizing of the housing market month-to-month.
This is still true, following another increase in the prices of single-family homes which is now at $420,000 from its median price last month of $410,000; and local condominiums that now has a median price of $240,000 from $236,000 last month. It is expected that more buyers are going to consider Southern Nevada as a good and viable option.
Aldo Martinez, a longtime local REALTOR said, “Local home prices have been rising much faster than incomes, and this has prompted some buyers to look for more affordable options, like condominiums, town homes, and even renting. This is reflected in the new
September median high of $230,000 for condos and town homes.”
The local housing supply remains tight, closing in at -14.7% in single-family houses and -15% in condominiums, but has sold 6.4% more in houses and 7.1% more in condominiums.