Townhomes, condos reach all-time high price in Southern Nevada

LAS VEGAS, Nev. (FOX5) – While home prices for single-family homes in Southern Nevada continue to stay stable, the prices for townhomes and condos have reached an all-time high.

The prices for single-family homes around the Las Vegas Valley are just below $450,000, according to a new report from Las Vegas Realtors. Local home prices are still below the all-time record of $482,000 set in May of 2022.

The price for condos and townhomes has gone up, however. Last month, prices reached a record high of $287,000.

Las Vegas Realtors said the demand is higher for these usually lower-priced options, but the supply is tight.

“Homes prices haven’t changed much lately,” LVR President Lee Barrett said. “As for the record price for condos and townhomes, I attribute that to the demand for lower-priced housing options exceeding our supply. Mortgage rates are obviously a factor. But as we’ve been saying all year, the biggest challenge we face in the local housing market is a very tight housing supply.”

Overall, fewer homes have been selling in 2023 compared to 2022. LVFR reported 35,584 total sales in 2022, following a record 50,010 residences sold in 2021. It was the first time LVR reported more than 50,000 properties selling in a single year.

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