March 2019: Residential Real Estate

January 2019’s median price for existing single-family homes in Las Vegas was $300,000, which was an increase of 13.2% from $265,000 in January 2018. For condos, it was 13.4%, up from January 2018. January 2019’s median price was $170,000. These are from GLVAR’s new report released last February. GLVAR President Janet Carpenter said, “It’s
interesting to see the median home price go back up again.

The last time our median home price hit $300,000 was in September. Before that, you have to go all the way back to 2007 to see a median price that high. We usually see local home prices and sales decline in January, which is traditionally one of the slowest months for the local housing market”. Watch out for the trend this year, which is the recently rising housing supply.