According to the Las Vegas REALTORS® (LVR) report released Tuesday, the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during January 2023 was $425,000, the same price as December 2022, and down 2.3% from January 2022. It is also down from the all-time record price of $482,000 in May 2022.
The median price of local condos and townhomes sold in January 2023 was $255,000, up 4.9% from one year earlier, but down from the all-time record price of $285,000 in May 2022.
LVR reported a total of 1,723 existing local homes, condos and townhomes sold in January 2023, down 48.3% for homes and down 44% for condos and townhomes from January 2022.
By the end of January 2023, LVR reported 5,450 single-family homes listed for sale without any sort of offer, up 199.3% from the same time last year. In addition, 1,233 condos and townhomes were listed without offers in January, up 282.9% from the same time last year.
“What a difference a year makes,” said 2023 LVR President Lee Barrett. “After seeing mortgage rates rise for several months, rates settled down recently. We’re still seeing more homes listed for sale and fewer people buying – especially when you compare what’s happening now to where we were a year ago. Last year at this time, our home prices were setting records every month and had gone up by about 26% year over year.”