The Las Vegas housing market has been sizzling hot in the pandemic. Many experts had predicted it would crash as it did during the Great Recession. On the contrary, by the end of 2020, the Southern Nevada housing market was in the midst of a boom. Even during these tough times, the Las Vegas properties are selling at record prices. Home prices in Southern Nevada remained at their record level to close out the year.
The median price for an existing single-family house in December was $345,000, as reported by the association. Continuing a trend seen during the pandemic, the price increased by 10.2% on a year-over-year basis and marks another all-time price record. The condos & townhomes sold for a median price of $185,000, an increase of 5.8% from last year. For 2020, Las Vegas REALTORS says a total of 41,617 homes, condos, and townhomes were sold, up slightly from the 41,269 sales reported in 2019.