Buyers pay record sums for townhomes and condos in Las Vegas 

April median price of $290K is a 7% increase from last year as demand outpaces supply

Condo and Townhome Prices in Las Vegas Reach New Record
Las Vegas Realtors President Merri Perry (Getty, Linkedin)

Sellers of condominiums and townhomes in Las Vegas have hit the jackpot.

The median price of a condo or townhouse sold around Sin City in April was $290,000, a record high and a 7.4 percent increase from April last year, the Las Vegas Review-Journal reported, citing figures from Las Vegas Realtors.

The price surpassed the previous record set in August 2022, when the typical property sold for $287,000.

“Mortgage rates have been slowing down home sales this year, so it’s good to see more homes and condos selling,” Las Vegas Realtors President Merri Perry said in a statement. “Overall, demand continues to outpace the supply of homes here in Southern Nevada, and that’s driving up prices.”

The number of condos and townhomes on the market in April was 10.7 percent higher than last year, and up 3.8 percent from March. At the same time, new condo and townhome listings rose 5.9 percent from March, and 29.5 percent from April last year.

Sign Up for the undefined Newsletter

Demand jumped for housing across the board in Las Vegas, with 2,960 existing single-family homes, condos and townhomes traded in April, according to Las Vegas Realtors.

Single-family home sales rose 12.3 percent from the previous month, and 19.2 percent from a year ago. Condo and townhome sales increased 16 percent over the same month last year.

In Los Angeles, a feeder of transplants to Las Vegas, condo deals in March for listings between $800,000 and $1 million rose 65 percent from the year before, and up 21 percent from the previous month, according to The Real Deal.

— Dana Bartholomew

Read more

LVXP Sets Sights on the Tallest Hotel-Resort in Las Vegas
Commercial
Las Vegas
LVXP sets sights on the tallest hotel-resort in Las Vegas
Brighline bullet train breaks ground between LA and Las Vegas
Commercial
Las Vegas
Brightline bullet train offers chance for transit projects in Las Vegas
Residential
Las Vegas
Siegel Group to replace closed Las Vegas hotel with flex apartments