What happened in the Las Vegas real estate market in March 2023?

Las Vegas Real Estate Market Report – March 2023

Defying its history as a housing market prone to peaks and valleys, areport released Thursday by Las Vegas REALTORS® (LVR) shows local home prices have been remarkably stable so far this year. Southern Nevada was one of the first places to experience this recent shift in the housing market. It seems logical that we may also be among the first to come out of this recent slowdown. Our median home price hasn’t changed since December. Local home prices had previously been declining by 1 or 2% per month. This may be a sign that we’re near the bottom of this cycle.

Median Home Price

$425,000 -7.6% from March 2022

Homes Sold

2,361 -27.8% from March 2022

Homes Without Offers

4,196 +109.3% from March 2022

Homes Sold Within 30 Days

49.6% -33.2% from March 2022