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recent report from Las Vegas Realtors shows that local home prices reached near-record highs in November 2024, driven by increased sales activity and a growing number of available properties. The median price of single-family homes sold through the Multiple Listing Service (MLS) was $480,000, up 6.7% from $450,000 in November 2023 and just shy of the record high set in May 2022.

    Condo and townhome prices also rose, reaching a median of $301,250, a 9.5% increase from the same time last year. However, this figure is down from the previous month's record high of $315,000.

    The increased number of homes available for sale and properties being sold are positive signs for the housing market heading into 2025, according to LVR President Merri Perry. By the end of November, there were 5,570 single-family homes listed without offers, a 28% increase from the previous year, and 1,856 condos and townhomes listed without offers, up 47.2% year-over-year.

    In total, 2,123 existing local homes, condos, and townhomes were sold in November 2024, an increase of 14.8% compared to the same time last year. Condo and townhome sales rose by 3.7%. The current sales pace corresponds to a housing supply of about three and a half months, up from less than three months a year ago.

    Cash transactions accounted for 24.9% of all local property sales in November, down from 29.8% the previous year. Distressed sales remain minimal, making up just 0.9% of November transactions.

    Total transaction values reached $1.14 billion in November, with home sales increasing by 18.2% and condo and townhome sales rising by 14%. The majority of homes sold within 60 days, with 79.3% of existing homes and 77.9% of condos and townhomes selling within the timeframe.