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Vegas Home Prices on the Rise, But Still Below Last Year’s Peak

May 2023 Median Single-Family Home Price was $442,120, up 2.8% from April 2023 ,but down 8.3% from May 2022.

Photo by Grant Cai / Unsplash

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According to Las Vegas REALTORS (LVR)’s May report, median price of existing single-family home sold in Southern Nevadas through its Multiple Listing Service during May was $442,120. That's up 2.8% from $430,000 in April, but down 8.3% from last year’s peak of $482,000 in May 2022. By the end of May, 3,645 single-family homes listed for sale without any sort of offer. That's up 2.1% from the same time last year.

LVR President Lee Barrett said, “Prices have now increased for a couple of months in a row heading into what is usually our strongest selling season. It seems safe to say that we’re bouncing back from the bottom of this recent downturn.”

The sales pace in May equates to less than a two-month supply of properties available for sale. Last year at this time, Barrett said Southern Nevada was facing an even tighter inventory and had about a one-month supply.

During May, 21.9% of all local property sales were purchased with cash, down from 33.6% one year ago.

LVR report's statistics are based on data collected through its Multiple Listing Service, which does not include all newly constructed homes sold by local builders or homes for sale by owners.