LAS VEGAS (KSNV) — Las Vegas home prices ended the year still close to their all-time record as more homes sold in 2024 compared to the previous year, according to a new report released Tuesday.
The median price for an existing single-family home sold in Southern Nevada in December was $475,000, per the industry group Las Vegas Realtors.
That’s down from November when the median price was $480,000, but up 5.6% from a year ago when it was $449,900. The record median price is $482,000, set in May 2022.
For condos and townhomes, the median price in December was $290,000. That’s down from November but still up 7.4% compared to a year ago.
New Las Vegas Realtors President George Kypreos said more homes are up for sale and prices have remained steady, benefiting prospective buyers.
“December is traditionally one of the slowest months of the year for the housing market, and these statistics reflect that,” Kypreos said in a statement. “All things considered, I think this month’s LVR statistics paint a picture of a fairly stable and relatively healthy housing market heading into 2025.”
A total of 31,305 existing homes, condos and townhomes were sold in 2024, according to Las Vegas Realtors. That’s up from 2023 when 29,069 such sales were recorded, the slowest year for existing home sales since 2008.
The record for most home sales was set in 2021 when 50,010 total properties changed ownership.
Nearly 5,000 single-family homes were listed for sale without any offers by the end of December, up about 32% compared to a year go. For condos and townhomes, 1,763 units were listed without offers, up more than 55% from December 2023.
Last month, 2,277 existing homes, condos, and townhomes were sold. Compared with December 2023, sales were up 19.3% for homes and just 0.6% for condos and townhomes.
The sales pace in December equals about a three-month housing supply.
