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Las Vegas Average Price of Existing Homes Jumps Over 10%

The average price of existing homes in Las Vegas has increased by 11% from $260,000 to $290,000 in just one year, according to a recent report.

"Local home prices had been on the rise for most of 2018 but have been slowing down this summer," said Chris Bishop, president of the Greater Las Vegas Association of Realtors, according to National Mortgage News.

"That tight supply has been dragging down home sales. At this rate, we're on pace to sell fewer existing homes this year than we did last year. And it may be some time before local home prices get back to their all-time peak from 2006."

According to the report, 89% on homes that are being put on the market tend to sell within 60 of being listed.

While the latest numbers aren't too thrilling for homebuyers, the report states that the Las Vegas housing market still remains stable thanks to the median price which has remained unchanged from June.

To learn more about the Las Vegas housing market and increase in average home price, click on the image above.

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