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Home » Greater Las Vegas Home Prices Set Another Record in November

Greater Las Vegas Home Prices Set Another Record in November

This was 6th straight month of price appreciation despite COVID Pandemic

According to a new housing report by Las Vegas Realtors, local home prices set another all-time record for the sixth straight month, while sales keep increasing and the housing supply keeps shrinking.

LVR reported that the median price of existing single-family homes sold in Southern Nevada during November 2020 was $345,000. That’s up 12.4% from $307,000 during the same month last year and breaks the previous record set one month earlier. Local condos and townhomes sold for a median price of $199,700 in November. That’s up 14.1% from $175,000 in November of 2019.

LVR reported a total of 3,761 existing local homes, condos and townhomes were sold during November. Compared to the same time last year, November sales were up 26.1% for homes and up 34.7% for condos and townhomes.

“Like other places around the country, we’re seeing multiple offers on properties listed for sale,” said 2020 LVR President Tom Blanchard. “The supply of available homes is very low, and demand is high. I hope the new year will bring some additional inventory as local homeowners start to feel more comfortable moving. We can easily absorb three or four times the current available inventory without tilting the scales of meeting our current demand for housing here in Southern Nevada.”

He said the number of local homes available for sale remains well below the six-month supply considered to be a balanced market. In fact, the sales pace in November equates to just over a one-month supply of homes available for sale, creating what Blanchard said is a local housing shortage.

By the end of November, LVR reported 3,756 single-family homes listed for sale without any sort of offer. That’s down 42.5% from one year ago. For condos and townhomes, the 1,288 properties listed without offers in November represent a 24.7% drop from one year ago.

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