Las Vegas real estate frenzy continues: house prices soared to new highs New report released this morning…
The Las Vegas real estate frenzy continues: house prices have soared to a new high
A new report released this morning revealed that the median price of a home sold last month was $ 355, an increase of more than 12% over last year, and the third consecutive month in which a new record was set. Similar trends were also recorded in apartments and other properties
House prices in the Las Vegas area soared during the previous month and set a new record, and this trend is expected to continue in light of the fact that the stock of homes offered for sale is declining. This emerges from a new report published this morning (Monday).
The report was published by the Las Vegas Realtors, or LVR, the local branch of the National Association of Realtors (NAR). It is worth adding that the report refers only to existing properties - that is, not new homes that are built and sold immediately.
In practice, the median price of a private home ("villa") in the Las Vegas area was $ 355 during the month of February. Beyond being a new record, this is the third month in a row that the record has been broken.
In fact, the median price of homes in the area jumped by 12.3% compared to February 2020, when the figure was $ 316. Quite similar trends were also recorded in the sales data of apartments ("Condo" and "Town House"), which rose by 12.9% in the past year, from $ 175 in February 2020 to $ 197 last month.
According to many, house prices in Las Vegas are expected to skyrocket even more in the coming years, especially due to the fact that demand exceeds supply.
The following figure seems to best illustrate the situation in the Las Vegas real estate market: only 1,677 homes and 675 apartments offered for sale during February ended the month with no official bids. This is a decrease of 60.4% and 44.4%, respectively, compared to February 2020.
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Ilan Menashe