Las Vegas Housing Market Update – August 2023

Las Vegas home buyers have 4,205 single-family homes listed for sale today. That’s up from 3,569 last month but a 46% drop from last year. Buyers considering a condo or townhome will find 1,381 more options. The total number of homes for sale today is 5,586.

We sold 2,016 single-family homes in August. That was .3% more homes sold than in August 2022. Condos and townhomes added 705 closings for a total of 2,721 homes sold.  If we continued selling that many homes of all types, today’s inventory would be depleted in 2 months. Less than a 6 month supply of homes for sale continues to favor sellers.

The Median Home Price dipped slightly from $450,000 in July to $447,500 in August. In August 2022, the Median home price was $450,000. Our home values are unchanged from last year.  A recent article in the Las Vegas Review-Journal noted that the Median price for condos and townhomes has increased slightly. In August, it set an “all-time high” of $287K, an 8.3% increase from last year.

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