LAS VEGAS ( KLAS ) — Condo prices surged to record levels in September, and Las Vegas single-family homes teetered closer to a record of their own, according to figures released Tuesday by Las Vegas Realtors (LVR).
The median price for condominiums and townhomes in the valley jumped $7,500 in a single month, rising to $299,500. That broke the record set in July when prices were at $296,000, and increased 10.9% over prices from September 2023, LVR figures show. The median price is the one in the middle — half are higher and half are lower.
And as the federal government announced a cut in interest rates, Las Vegas homes are still out of reach for many who want to buy.
In September, the median price of a single-family home hit $479,900 — just $2,100 below the May 2022 record of $482,000. Prices were up 6.6% over September 2023.
LAST MONTH: Las Vegas home prices retreat in August
Prices had dropped in August ahead of the rate cut, but September erased those lower prices in a year when single-family homes have gone up in eight out of the nine months so far in 2024.