Southern Nevada home prices started 2017 with a somewhat rare and exciting. The January jump while the number of homes available for sale continued to shrink the market is strong.
According to GLVAR, the median price of existing single-family homes sold during January through its Multiple Listing Service (MLS) increased to $238,000. That was up 1.3 percent from December and up 8.7 percent from $219,000 in January 2016. Meanwhile, the median price of local condos and townhomes sold in January was $113,500, up slightly from December, but down 5.4 percent from January 2016.
This is great for homeowners because they actually are gaining equity in their homes.
The median single-family home price in Southern Nevada two years ago at this time was $200,000. One year ago, it was $219,000, “and now it’s up to $238,000. That’s a pretty great increase. .
Las Vegas home sales have also been on the rise. There are many reasons for home sales increasing, including an improving Las Vegas economy, and of course many of you know that home prices that are still lower than in most parts of California and a local population that is growing by about 2 percent per year.
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