
Your Monthly Real Estate Market Update for July, 2023

The median price for a single family home in the Las Vegas Valley went up $6,000 in July, going from $444,000 the previous month to $450,000. This matches the first time since last July that the median price has been the same or higher year over year, after experiencing a small price decrease from August 2022 to December 2022. The average sales price is also up year over year, from $549,950 last month to $569,962 in July 2023 (a 4.6% increase from last year).
Home prices are continuing to rise (although much more steadily than in 2021/2020) despite total sales being down, largely due to the fact that the inventory of homes on the resale market remains very low, currently there are only about 4,000 single family homes for sale in the Vegas Valley and only two months supply based on the cu...


While this isn't the frenzied market we saw during the 'unicorn' years, homes that are priced right are still selling quickly and seeing multiple offers right now. That's because the number of homes for sale is still so low.