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Memories from 2008 and all-time records

LAS VEGAS (KTNV) – Locals and transplants alike have seen the shifts in both home buying options and prices in the Las Vegas Valley. A new report shows us the numbers behind the market, including one that harkens back to the 2008 crash.

Since the post-pandemic housing boom took off, ups and downs have undermined the overall steady price increase for purchases in the Valley. With the release of Las Vegas Realtors’ April 2024 market report, we took a closer look at the purchase and sale conditions.

In particular, there is a growing difference between the market for single-family homes and that of apartments and townhouses in our region.

“Overall, demand continues to exceed the supply of housing here in Southern Nevada, and that is driving prices up.” said LVR President Merri Perry. “Mortgage rates have slowed home sales this year, so it’s good to see more homes and condos being sold,” Perry continued.

While the median price for single-family homes ($469,000) was up 9.1% compared to last year, the figure remained below a record peak of $482,000 in May 2022. Prices for apartments and townhouses reached a new record in April, with the average price reaching $290,000, breaking the previous record of $287,000 (also set in May 2022).

So prices are rising, even though 2023 will see the slowest year for existing home sales since 2008.

Inventory

Compared to 2023, there has been a 7% decrease in the number of single-family homes without supply. The situation in the same periods is very different for apartments and townhouses, where there was a 29.5% increase in the number of properties coming onto the market without any offer.

There was no supply on 3,476 single-family homes
1,248 apartments and townhouses had no offers
In April, 2,960 existing local homes, apartments and townhomes were sold

sale

Cash is king, an unofficial motto in Las Vegas, continues to hold true with a 22.3% increase in all cash transactions for homes in the Valley compared to 2023. LVR reports that this number remains well below the all-time record peak of cash purchases reaches. May 2013, where 59.% of transactions were cash.

Compared to the same time frame in 2023, total home sales values ​​increased 35.4% for single-family homes and 28.5% for condos and townhomes.