Las Vegas home prices continue record run in September amid pandemic

Provided by KSNV – Las Vegas
Las Vegas home prices reached a new record last month as the valley continues to deal with the COVID-19 pandemic and a housing shortage, according to a local trade group.

The median price for an existing single-family home sold in Southern Nevada in September was $337,250, according to the industry group Las Vegas Realtors.

That price is up from the previous record set last month of $335,000 and up 8.8% from the median of $310,000 recorded in September 2019.

"Local home prices keep setting records, which is really remarkable when you think about all the challenges we’re facing," Las Vegas Realtors president Tom Blanchard said in a press release.

Condos and townhomes sold for a median price of $195,500 last month, up 14.3% from September of last year.

There were 3,996 existing homes, condos and townhomes sold during September, up 18.9% for homes and 6.8% for condos and townhomes compared to the same month last year.

"The pause during the beginning of the pandemic seems to have pushed the traditional summer sales season into the fall," Blanchard said. "We’ll see if we can sustain this momentum heading into next year. We’re also dealing with a housing shortage, with no signs of that changing anytime soon."

Blanchard said the supply of homes for sale is below the six-month number considered balanced. Just 4,798 homes listed for sale without an offer last month, down 34.6% from a year ago.

More properties could reach the market in October with state COVID-19 directives clearing open houses to return, he said.

 

There's some good deals and homes in rural areas, outside the city, much cheaper than the median price range if you work with a good real estate agent.`
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Most CA libbies are moving to Texas, Oregon, Washington, Idaho.
Hope they don't ruin AZ and NV.

 

I thought so also. We planned to snag a couple of them in foreclosure. Instead prices are steady and rising a little.

 

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