LAS VEGAS (KLAS) — Condo prices surged to record levels in September, and Las Vegas single-family homes teetered closer to a record of their own, according to figures released Tuesday by Las Vegas Realtors (LVR).
The median price for condominiums and townhomes in the valley jumped $7,500 in a single month, rising to $299,500. That broke the record set in July when prices were at $296,000, and increased 10.9% over prices from September 2023, LVR figures show. The median price is the one in the middle — half are higher and half are lower.
And as the federal government announced a cut in interest rates, Las Vegas homes are still out of reach for many who want to buy.
In September, the median price of a single-family home hit $479,900 — just $2,100 below the May 2022 record of $482,000. Prices were up 6.6% over September 2023.
Prices had dropped in August ahead of the rate cut, but September erased those lower prices in a year when single-family homes have gone up in eight out of the nine months so far in 2024.
Merri Perry, a longtime local Realtor and current president of LVR, said September’s long-awaited interest rate cut should continue to help the housing market. “The interest rate cut announced in September by the Fed can only help the housing market,” Perry said. “While I don’t think this will have a dramatic impact, it certainly helps people, especially prospective homebuyers.”
As of Monday, Oct. 7, interest rates in Nevada are 6.25% for a 30-year fixed mortgage and 5.71% for a 15-year fixed mortgage, according to Bankrate. A month ago, a 30-year rate was at 6.23%.
Online broker Redfin reported last week on nationwide trends showing that September was a turning point for demand. Sales were flat after nine months of declines.
In Nevada, LVR said 2,277 homes, condos and townhomes sold in September, down across the board. Single-family home sales were down 1.6% compared to last September, while condos and townhomes were down 12.1%.
“For most of 2024, home sales have been ahead of the pace set in 2023, which was the slowest year for existing local home sales since 2008,” according to LVR’s news release. “LVR reported a total of 29,069 sales of existing local homes, condos and townhomes in 2023. That was down from 35,584 total sales in 2022. That followed a record year for existing local home sales in 2021, when LVR reported 50,010 total properties were sold.”
LVR said 24.4% of all local property sales in September were cash transactions, down from 27.9% one year ago and well below the September 2013 cash buyer peak of 59.5%.
All data provided by LVR is based on sales of existing homes through its Multiple Listings Service (MLS). Sales of new construction and homes sold by their owners are not included in LVR’s report.
