Las Vegas Valley home prices broke a record in January

Home sale prices in the Las Vegas Valley broke a record in January.

The median price of a house sold in Southern Nevada last month was $485,000, the highest ever recorded, breaking the record set in May 2022 of $482,000. This is also a 9 percent increase ($445,000) from January of last year.

Las Vegas Realtors pulls its data from the Multiple Listing Service, where the vast majority of homes for sale are listed.

LVR President George Kypreos said despite “stubbornly” high mortgage interest rates and economic uncertainty to start 2025 he remains optimistic about the housing market moving forward.

“The increase in our median price is another sign of the continued demand for housing here in Southern Nevada. It’s also good to see our housing supply increasing in recent months so people have more choices when looking for a home,” he said. “Overall, I remain confident that the local housing market will remain as strong as any in the U.S.”

The valley is in a housing crisis as a lack of land to develop has coupled with high mortgage rates, a slowdown in building and increased construction and labor costs.

Homes listed for sale without any type of offer also remain elevated at the end of January, at 5,215 homes listings, a 46.9 percent increase from one year ago. Condos and townhomes listed without any offer are up even more — 66.9 percent — from this time last year.

A total of 1,991 existing homes, condos and townhomes sold in January, and compared to January 2024, sales were up 6.7 percent for homes, but down 13.2 percent for condos and townhomes.

Economic uncertainty abounds during the first few weeks of President Donald Trump’s administration as analysts think mortgage rates could go up because of a trade war with China and a pending trade war with China and Mexico. Tariffs also could potentially increase prices on building materials, and more.

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.