Las Vegas Home Prices Hit Another Record In May
Las Vegas home prices hit another record in May as the head of the local Realtors group warns gains might slow in the coming months.
Figures released Tuesday by the Las Vegas Realtors trade association say the median home price reached $385,000. That tops April’s record and is up 22 percent from a year ago.
“These statistics benefit from a comparison to a time last year when our housing market was hit especially hard by the pandemic,” Las Vegas Realtors President Aldo Martinez said in a statement. “It remains to be seen how much higher these prices can go in the coming months, since we’re reaching a point where more first-time and entry-level buyers are being priced out of the market.”
Martinez said “it seems unlikely that home prices will go down anytime soon, but it seems very likely that more people will end up renting homes for the foreseeable future.”
While the number of sales declined 10 percent from April, homes sold briskly in May, with nearly 87 percent of sales coming from homes on the market for less than a month.
The Realtors reported 4,100 existing local homes, condos, and townhomes sold during May. All categories saw big increases from a year ago when much of the economy was locked down because of the pandemic.