According to the Las Vegas REALTORS® (LVR) March 2023 report, the median price of existing single family homes sold from its Multiple Listing Service (MLS) in Southern Nevada was $425,000, identical to the previous month and down 7.6% from March 2022. It’s also down from the all-time record price of $482,000 in May of 2022.
By the end of March 2023, LVR reported 4,196 single family homes listed for sale without any offer, up 109.3% from March 2022. A total of 2,962 existing homes, condos and townhomes sold in March 2023, down 27.8% for homes and down 35.6% for condos and townhomes from the same time last year.
The number of distressed sales remains historically low. Short sales and foreclosures combined accounted for 0.9% of all existing property sales in March 2023.
“Southern Nevada was one of the first places to experience this recent shift in the housing market,” said 2023 LVR President Lee Barrett. “It seems logical to me that we may also be among the first to come out of this recent slowdown. Our median home price hasn’t changed since December. Local home prices had previously been declining by 1 or 2% per month. This may be a sign that we’re near the bottom of this cycle.”
In March 2023, total transaction value for existing homes was more than $1.2 billion, down 33.1% from the same time last year.
LVR’s data was collected through its MLS, which does not account for all newly constructed homes sold by builders or homes for sale by owners.