You Won't Believe These Record-High High Housing Prices In Las Vegas

Home prices in the Las Vegas area at record-high prices, reported 8 News Now.

In April, the average cost of a home in southern Nevada was around $375,000. This is far higher than it has ever been.

The April report from the Las Vegas REALTORS explained that not only are housing prices high right now, but housing supply is extremely low. The report stated, "Local home prices have never been higher while the local housing supply has rarely, if ever, been lower."

The average home prices right now are about 21 percent higher than they were at this time last year. Many experts are blaming the low housing supply and higher demand for homes in the Las Vegas area on the high number of Californians moving into the state.

Not only did house prices increase, but also prices of townhomes and condos. The average selling price for these is around $202,450, which is up by 12.3 percent from last year.

Aldo Martinez, 2021 LVR President, said:

"Homebuyers should stay persistent, because our numbers show that over 20% of accepted offers get cold feet and those homes are then awarded to the second, third and even fourth buyer in line. Last month, our MLS reported 8,056 times when a property went from active to under contract, and 1,644 of those went back into active status again.”

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