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.