LAS VEGAS (KLAS) — Las Vegas residence costs began 2025 with a bang as costs for single-family houses set an all-time report in January, in keeping with Las Vegas Realtors (LVR).
The value jumped $10,000 in a single month, touchdown at $485,000 and passing the Might 2022 report of $482,000.
Condominiums and townhomes have been promoting at a median value of $293,000 in January, up $3,000 since December. The median value is the one within the center — half offered at increased costs and half offered for much less.
Comparisons to costs from a yr in the past present that single-family houses have gone up 9.0%. Condos/townhomes are up 6.5% over final yr’s costs.
LAST MONTH: Las Vegas residence costs drop again as 2024 ends, ending the yr 5.6% increased
“The increase in our median price is another sign of the continued demand for housing here in Southern Nevada,” in keeping with LVR President George Kypreos. It’s additionally good to see our housing provide growing in latest months so individuals have extra selections when in search of a house,” Kypreos mentioned. “Overall, I remain confident that the local housing market will remain as strong as any in the U.S.”
As of Feb. 5, rates of interest in Nevada are 6.71% for a 30-year fastened mortgage and 5.93% for a 15-year fastened mortgage, in keeping with Bankrate.
LVR reported a complete of 1,991 houses, condos and townhomes offered in January. In comparison with January 2024, gross sales have been up 6.7% for houses, however down 13.2% for condos and townhomes. Condominium costs peaked in October at a median value of $315,000.
The month-to-month report contains houses offered by means of LVR’s A number of Itemizing Service (MLS). It excludes new development and houses offered by house owners.
On-line dealer Redfin mentioned final week that the Los Angeles wildfires are pushing up rental searches and pushing down residence gross sales. Roughly one in all each six houses within the Palisades and Eaton fires have been destroyed or broken, making a ripple impact of individuals looking for short-term or everlasting housing.
The Las Vegas gross sales tempo in January equates to a housing provide of simply over two and a half months. Final yr right now, fewer houses have been listed on the market.
House gross sales have been rebounding from a sluggish yr in 2023, in keeping with LVR. A complete of 31,305 present native houses, condos and townhomes offered throughout 2024. That was up from 29,069 gross sales in 2023 – the slowest yr for present native residence gross sales since 2008.
About 28.5% of all native property gross sales have been money transactions in January. That’s up from 27.4% one yr earlier, however nicely beneath the January 2013 money purchaser peak of 59.5%.
By the tip of January, LVR reported 5,215 single-family houses listed on the market with none form of provide. That’s up 46.9% from one yr earlier. The 1,896 condos and townhomes listed with out presents in January characterize a 66.9% bounce from one yr earlier.
LVR reported 72.5% of all houses and 73.6% of all condos and townhomes offered inside 60 days. Each ranges have been barely beneath 2024’s tempo.
