Report shows condo, town homes prices hit all-time high

A recent Las Vegas Realtors report shows prices for local condos and town homes hit an all-time high while home prices almost did the same.

LVR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service during September was $479,900. That’s up 6.6 percent from $450,000 in September 2023 and just short of the all-time record of $482,000 set in May 2022.

The median price of local condos and town homes sold in September was $299,500. That’s up 10.9 percent from $270,000 in September 2023, topping the previous high of $296,000 set in July 2024.

LVR President Merri Perry, a longtime local Realtor, said last month’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.”

By the end of September, LVR reported 5,458 single-family homes listed for sale without any sort of offer. That’s up 34.2 percent from one year earlier. Meanwhile, the 1,731 condos and town homes listed without offers in September represent a 67.2 percent increase from one year earlier.

LVR reported a total of 2,277 existing local homes, condos and town homes sold in September. Compared to September 2023, sales were down 1.6 percent for homes, and down 12.1 percent for condos and town homes. The sales pace in September equates to a housing supply of just over three months. That’s up from last year at this time, when the local housing market had just over a two-month supply of properties available for sale.

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. LVR reported a total of 29,069 sales of existing local homes, condos and town homes 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.

During September, LVR found that 24.4 percent of all local property sales were cash transactions. That’s down from 27.9 percent one year ago and well below the September 2013 cash buyer peak of 59.5 percent.

The number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 0.8 percent of all existing local property sales in September. That compares to 1.3 percent one year ago, 0.1 percent two years ago, 0.4 percent three years ago, 1 percent four years ago and 2 percent five years ago.

These LVR statistics include activity through the end of September 2024. LVR distributes statistics each month based on data collected through its MLS, which does not account for all newly constructed homes sold by local builders or homes for sale by owners. Other highlights include:

The total value of local real estate transactions tracked through the MLS during September was nearly $1.1 billion for homes and more than $148 million for condos, high-rise condos and town homes. Compared to one year earlier, total sales values in September were up 7.1 percent for homes, but down 6.9 percent for condos and town homes.

In September, 81.4 percent of all existing local homes and 83.2 percent of all existing local condos and town homes sold within 60 days. That compares to one year earlier, when 85.7 percent of all homes and 86.3 percent of all condos and town homes sold within 60 days.

Las Vegas Realtors (formerly known as Greater Las Vegas Association of Realtors) was founded in 1947 and provides its nearly 16,000 local members with education, training and political representation. The local representative of the National Association of Realtors, LVR is the largest professional organization in Southern Nevada. Each member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit LasVegasRealtor.com.