Hits New Record in September as Median Prices Spike 20 Percent Annually

Las Vegas agents announced this week that the internal market will stabilize in September 2021, as home prices have already reached a new record.

LVR said the average price of middle-class Las Vegas homes sold in Southern Nevada by the Multiple Listing Service (MLS) in September was $ 406,500. It continues to rise from $ 405 million invested in July. Rental prices rose 20.5% from $ 370 last year. The average value of house and city apartments sold in September was $ 230,000. It was also a record, up 17.6% from $ 195,000 in September 2020.

“The domestic market is starting to stabilize around the world. This month, LVR numbers show that we can do the same here in Southern Nevada,” said LVR President Aldo Martinez. “Prices have been rising, but have been steadily rising in recent months. Maybe we’re back to the normal time we saw before that boom.” Slightly less in spring and winter. but in the spring it never rises again. Illness interrupted the program last year. “

Martinez said: “Home prices are rising faster than taxes, so some consumers are looking for cheaper alternatives, such as condoms, supermarkets, etc. The average for mid-city cities of September is $ 200,000. “

At the same time, the supply of housing has stagnated but has not decreased in recent months. August marked the eighth month in which more homes were left without applications than last month.

At the end of September, Las Vegas announced that 3363 single-family Las Vegas homes had been sold without permission. It was down 27.8% compared to the same period last year. Sixty-eight provinces and unregistered cities fell 58.8% in September from a year earlier.

According to Las Vegas, 477 houses, 75 apartments, and a city were sold nationwide in September. Compared to the previous year, in September household sales decreased by 1.9% and in the case of condoms by 19.7%.

Homes are selling faster than last year. Martinez said the speed of operation of the system is more proportional to the delivery of goods than the current month of sales.

But for some reason, Martinez said the large volume of the home real estate market continues to dominate the entire market. He said by the end of 2021 he will set new sales numbers for housing over $ 1 million.

The real estate market has been slowly declining since the beginning of 2012. Since it began, Martinez said the housing market has always been in line with global trends and housing shortages and record house prices.

In September, Las Vegas announced that 29.1% of all real estate sales were purchased in cash. It increased from 17.9% last year. Although the percentage has increased this year, it is still below 59.5% of consumption in March 2013.

Due to forced evictions and continued bans, the number of vendors sold remains relatively small. LVR reported that short sales and collections accounted for only 0.4% of regular sales in September.

LVR numbers include activities before September 2021. Las Vegas provides monthly data based on information collected by its MLS, which is not responsible for the buildings it builds or homes sold by its owners.

Other important events in the Southern Nevada market include:

  • The total amount of real estate taxes MLS earned in September was $ 1.8 billion for housing and more than $ 880 million for apartments, high-rise apartment buildings, and downtowns. Compared to the previous year, in September the total volume of retail prices in households increased by 17.1% and in the case of condoms by 42.9%.
  • Buildings are moving faster this year than in previous years. As of September, 94.7% of all homes were confiscated and 93.8% of homes and residential properties were sold within 60 days.
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