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May 9, 2022

Las Vegas Real Estate Market Update – May 2022

Market Update

Las Vegas Housing Market Update – May 2022

Welcome to the May 2022 issue of our monthly market update for Southern Nevada. In this issue we will be going over April 2022 numbers.

 

Market Trends

There were 3,001 single-family houses that sold in April, down 8.3% from March and down 14.9% from April 2021.

The Median home price in Southern Nevada sets another record high in April.

With that being said, the median sales price of previously owned single-family homes, went from $460,000 in March to $475,000 in April, a $15,000 increase; which is up 3.3% from March and up 26.7% from the prior year, putting the median price at a $100,000 increase from April 2021.

The median sales price of condos and townhomes also set another record high last month it went from $270,000 in March to $275,000 April; which is up 1.9% from March and up 35.8% from the prior year.

Market Update

Luxury Market

Last month the Luxury Market was on FIRE!! There were 197 homes that sold in April for $1 million and over, compared to March’s 173 homes, a 24 home increase.

The median sales price in the Luxury Market for April increased to $1,400,000 and in March that number was $1,360,000. A $40,000 increase in the median sales price.

 

Market Trends

So, for April we had a total of 3,667 new listings, which was up 4% from March, but down .9% from the prior year.

There were also a total number of 2,441 single-family houses listed without offers at the end of April, which is up 21.7% from March and up 33.6% from the prior year.

Market Update

Market Trends

Which brings us to the housing supply in Southern Nevada, we increased to .8 months of inventory, which is up 32.7% from March and up 57.1% from the prior year.

87.2% of the closings for the month April was on the market 30 days or less, in March this number was at 82.8% and in April 2021, 81.5% of the homes were on the market 30 days or less.

Market Update

INTEREST RATES:

The average rate on a 30-year home loan was 5.27% as of Thursday last week, up from 2.96% a year earlier, mortgage-finance giant Freddie Mac reported.

Mortgage rates are now at their highest point since 2009, according to Freddie Mac chief economist Sam Khater.


Las Vegas Realtors Full Report: https://bit.ly/37qzKf4

 

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Angela O’Hare
Favorite Las Vegas Realtor
Home Realty Center
Lic. #180246
702-370-5112
[email protected]
www.summerlincommunities.com