The median price in Southern Nevada was $405,000 last month!

Dated: August 11 2021

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The median price for an existing home sold in Southern Nevada was $405,000 last month, Las Vegas Realtors reports.

The median price for a Las Vegas-area home passed $400,000 for the first time during this past July, according to a LVR that tracks housing prices.

"The median affordable price for Southern Nevadans may soon be out of reach," Aldo Martinez, president of Las Vegas Realtors, said in a statement. "As we’ve been saying for months, housing prices are rising faster than incomes here in Southern Nevada, and that seems unsustainable over the long term. Even with mortgage interest rates near all-time lows, we know it’s getting difficult for first-time buyers and working-class families to afford a home."

A total of 4,225 existing homes, townhomes and condos were sold last month, according to Las Vegas Realtors. A low supply of housing continues to drive up prices, Martinez said, and many prospective buyers might have to turn to townhomes, condos or renting due to the prices.

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Kenneth Manesse

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