LAS VEGAS (KLAS) — Las Vegas house costs began 2025 with a bang as costs for single-family properties set an all-time document in January, based on Las Vegas Realtors (LVR).
The value jumped $10,000 in a single month, touchdown at $485,000 and passing the Could 2022 document of $482,000.
Condominiums and townhomes have been promoting at a median worth of $293,000 in January, up $3,000 since December. The median worth is the one within the center — half offered at greater costs and half offered for much less.
Comparisons to costs from a yr in the past present that single-family properties have gone up 9.0%. Condos/townhomes are up 6.5% over final yr’s costs.
LAST MONTH: Las Vegas house costs drop again as 2024 ends, ending the yr 5.6% greater
“The increase in our median price is another sign of the continued demand for housing here in Southern Nevada,” based on LVR President George Kypreos. It’s additionally good to see our housing provide rising in latest months so folks have extra decisions when searching for a house,” Kypreos mentioned. “Overall, I remain confident that the local housing market will remain as strong as any in the U.S.”
As of Feb. 5, rates of interest in Nevada are 6.71% for a 30-year mounted mortgage and 5.93% for a 15-year mounted mortgage, based on Bankrate.
LVR reported a complete of 1,991 properties, condos and townhomes offered in January. In comparison with January 2024, gross sales have been up 6.7% for properties, however down 13.2% for condos and townhomes. Condominium costs peaked in October at a median worth of $315,000.
The month-to-month report consists of properties offered by way of LVR’s A number of Itemizing Service (MLS). It excludes new development and houses offered by house owners.
On-line dealer Redfin mentioned final week that the Los Angeles wildfires are pushing up rental searches and pushing down house gross sales. Roughly one among each six properties within the Palisades and Eaton fires have been destroyed or broken, making a ripple impact of individuals looking for momentary or everlasting housing.
The Las Vegas gross sales tempo in January equates to a housing provide of simply over two and a half months. Final yr right now, fewer properties have been listed on the market.
House gross sales have been rebounding from a sluggish yr in 2023, based on LVR. A complete of 31,305 present native properties, condos and townhomes offered throughout 2024. That was up from 29,069 gross sales in 2023 – the slowest yr for present native house gross sales since 2008.
About 28.5% of all native property gross sales have been money transactions in January. That’s up from 27.4% one yr earlier, however properly beneath the January 2013 money purchaser peak of 59.5%.
By the tip of January, LVR reported 5,215 single-family properties listed on the market with none form of supply. That’s up 46.9% from one yr earlier. The 1,896 condos and townhomes listed with out presents in January characterize a 66.9% soar from one yr earlier.
LVR reported 72.5% of all properties and 73.6% of all condos and townhomes offered inside 60 days. Each ranges have been barely beneath 2024’s tempo.
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Author : LasVegasNews
Publish date : 2025-02-06 13:02:52
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