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Las Vegas home prices level off as supply increases in February

KSNV – Las Vegas 3/8/2023 Matthew Seeman
© Provided by KSNV – Las Vegas

Las Vegas home prices leveled off last month as the supply continued to increase, according to one local industry group.

The median price for an existing single-family home sold in February was $424,995, Las Vegas Realtors reported on Tuesday.

That figure is nearly identical to the median reported back in February 2022, as well as the median reported in January to start the new year.

In addition, the median price for condos and townhomes sold in Southern Nevada was $255,000. That's the same as it was in January and down slightly from the same year-ago month.

Caption: KSNV

By the end of February, there were 4,665 homes listed for sale without any sort of offer, according to Las Vegas Realtors. That's up nearly 168% compared to February 2022.

For condos and townhomes, there were 1,155 properties listed without offers, up more than 265% from a year ago.

"The local housing market is much more balanced now than it has been in recent years," Lee Barrett, president of Las Vegas Realtors, said in a news release. "Instead of sellers having the advantage, buyers are now in a better position, since prices have stabilized and we have more homes on the market."

Barrett called the sales increase from January to February an encouraging sign, especially as mortgage interest rates approach 7%.

More than 2,100 existing homes, condos and townhomes were sold in February. Sales were down 31.5% for homes compared to February last year, while condo and townhome sales dropped 32.7%.

The sales pace in February equals a nearly three-month supply of properties available for sale. This time last year, Southern Nevada had a less than one-month supply.

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