Updated December 8, 2023 - 8:21 am
Condominium prices in Henderson have dropped over the past year more than anywhere else in the country, according to a new report.
The median condo sale price in the city was $269,000 in October, a 12.9 percent drop from the same month last year, according to online real estate portal Point2’s new report on home and condo sales, which used national data from Redfin, Zillow and the Multiple Listing Service. Henderson beat out Memphis, Tennessee (12.2 percent), to take the top spot in the country for sale price declines.
Condo sales in Henderson have also plummeted from a recent high water mark in March of this year, as only 20 condos were sold in October, a 20.7 percent drop from the same month last year, according to the report.
The decline in sales is part of a larger market trend involving interest rates, according to Point2.
Point2 spokesperson Carmen Rogobete said in a email to the Las Vegas Review-Journal that condo owners in Henderson lost an estimated $110 a day over the past year in property value.
“In Nevada, our findings revealed property value declines for both single-family homeowners and condo owners. While some cities in Nevada, such as Las Vegas and Reno, saw slight increases in home prices, areas like North Las Vegas and Henderson witnessed declines in single-family home values,” she said.
Mortgage rates are “choking” buyers’ attempts at getting into the housing market right now, according to the Point2 report, and condo ownership has dropped in 36 cities across the country as a perfect storm hits the real estate market with “buyers who were determined to secure a home at the height of the pandemic buying frenzy are now feeling the market’s one-two punch: first by overpaying and now in home value loss.”
Single-family homeowners in Nevada cities lost up to $38 every day for the past year on average, totaling approximately $14,000 in property value losses.
North Las Vegas condo prices also saw a decent drop (6 percent) as the median condo sale price now sits at $238,966. North Las Vegas and Henderson are both also in the top 10 nationally when it comes to a drop in home prices.
North Las Vegas has seen a 2.8 percent drop in the value of a single-family home, putting the city eighth in the country. Henderson was right behind them at No. 9, with a 2.7 percent drop for single-family homes. The median single-family home price in North Las Vegas is $410,000, and is $495,995 for Henderson.
Las Vegas Valley real estate is on pace to have its worst year of sales since 2008 because of several factors including high interest rates and low inventory.
Contact Patrick Blennerhassett at email@example.com.