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Las Vegas Home Prices Hit Record High

Las Vegas Home Prices Hit.jpgLas Vegas home prices set a record high yet again last month, and sales totals skyrocketed as the valley’s housing frenzy showed no signs of cooling.

The median sales price of previously owned single-family homes — the bulk of the market — was $363,000 in March, up 2.3 percent from the previous all-time high, set in February, and 13.8 percent from last March, according to a new report from trade association Las Vegas Realtors.

Buyers picked up 3,726 single-family houses last month, up 34.7 percent from February and 35.1 percent from March 2020.

Underscoring the heated sales activity, 74 percent of houses that traded hands last month had been on the market for 30 days or less, compared with 59 percent of house sales in March of 2020, the association reported.

The trade group pulls data from its resale-heavy listing service.

Southern Nevada’s housing market was initially hit with some turbulence when the coronavirus outbreak sparked sweeping business closures and other chaos last year. But the market regained its footing and embarked on a now-monthslong streak of record prices and rising sales, thanks in large part to buyers’ cheap borrowing costs and despite Las Vegas’ badly battered economy.

Rock-bottom mortgage rates have let people — at least those who can still afford to purchase a home — lock in lower monthly payments and stretch their budgets.

The market has also received a boost from out-of-state buyers, as local real estate pros say Californians, a longtime source of newcomers to Las Vegas, have been purchasing more homes than usual during the pandemic.

Amid strong demand, prices have been pushed up by the low supply of homes for sale, too.

Just 1,772 single-family homes were on the market without offers at the end of March, up 5.7 percent from February but down 68.8 percent from March 2020, Las Vegas Realtors reported.

The association’s president, Aldo Martinez, said in a news release that since the pandemic hit, the market has been in line with U.S. housing overall, “exceeding everyone’s expectations.”

He attributed the “abnormal price growth” to a shortage of homes available for sale, steady demand and relatively low interest rates, the news release said. 

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