Southern Nevada home prices decrease as the new year begins

Southern Nevada home prices decrease as the new year begins

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LAS VEGAS (KLAS) — Home buyers are starting the new year with good news as the Las Vegas Realtors Association reported that home prices are back to where they were a year ago.

8 News Now previously reported how in 2022 it was a sellers’ market across the valley. However, the market is now more balanced, so if you are looking to buy a home, prices are now more affordable.

The LVRA reported that the median price of an existing single-family home sold in Southern Nevada in December was $425,000. That is down 1.4% from November and matches the median price from December 2021.

That number was also down from the all-time record median price of $482,000 in May 2022.

Lee Barrett, the president of LVRA, stated that 2022 ended on a much different note than 2021, a record year for existing home sales in Southern Nevada.

“It’s actually what we call a balanced market, benefits the seller,” Barrett said.

However, while home prices are decreasing making it easier for potential home buyers, condominium and townhome prices are still up by about 2% from December 2021, with the median price at nearly $250,000.

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