{VIDEO} December 2020 Las Vegas Real Estate Market Report

Dated: December 16 2020

Views: 36

Las Vegas Realtors reported that the median price of existing single-family homes sold in Southern Nevada during November was $345,000. That’s up 12.4% from $307,000 during the same month last year and breaks the previous record set one month earlier. Local condos and townhomes sold for a median price of $199,700 in November. That’s up 14.1% from $175,000 in November of 2019. LVR reported a total of 3,761 existing local homes, condos and townhomes were sold during November. Compared to the same time last year, November sales were up 26.1% for homes and up 34.7% for condos and townhomes.
Despite the coronavirus crisis and economic downturn, the number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for just 0.8% of all existing local property sales in November. That compares to 2.0% of all sales one year ago, 2.6% two years ago and just under 5% three years ago. That’s similar to statistics from the National Association of REALTORS® (NAR), which found that short sales and foreclosures have been accounting for fewer than 1% of all sales nationwide in recent months.
Jan O'Brien, O'Brien Morabbi Team, Urban Nest Realty
702-858-9191, S.185617
Blog author image

Jan O'Brien

The O'Brien Morabbi Team at Urban Nest Realty provides exceptional service and years of experience in the Las Vegas/Henderson Real Estate market to our clients who are buying or selling residential pr....

Latest Blog Posts

What Credit Score Do You Need for a Mortgage?

According to data from the most recent Origination Insight Report by Ellie Mae, the average FICO® score on closed loans reached 753 in February. As lending standards&

Read More

Americans See Major Home Equity Gains [INFOGRAPHIC]

Some HighlightsToday’s home price appreciation is driving equity higher throughout the country.If your needs are changing and you’re ready for a new home, your equity may be a

Read More

To Renovate or Not To Renovate Before You Sell

When thinking about selling, homeowners often feel they need to get their house ready with some remodeling to make it more appealing to buyers. However, with so many buyers competing for

Read More

What Is the Strongest Tailwind to Today’s Recovering Economy?

Last year started off with a bang. Unemployment was under 4%, forecasters were giddy with their projections for the economy, and the residential housing market had the strongest January and

Read More