The Greater Las Vegas Association of REALTORS® has released its housing market report for November. I thought it would be interesting to compare the Las Vegas, Nevada housing market numbers to those of Reno-Sparks, Nevada.
Let’s take a look…
|Las Vegas, Nev.||Reno-Sparks, Nev.|
|November median sold price||$295,000||$377,000|
|October median sold price||$295,025||$385,000|
|Month-over-month change||down 0.01%||down 2.0%|
|November 2017 median sold price||$261,150||$353,500|
|Year-over-year change||up 13.0%||up 6.6%|
|November units sold||2,292||458|
|Month-over-month change||down 14.7%||down 1.9%|
|Year-over-year change||down 11.6%||down 14.2%|
|Month-over-month change||up 1.2%||down 4.8%|
|Year-over-year change||up 54.3%||up 61.3%|
On a year-over-year basis, both markets are very similar — unit sales are down; inventory is up substantially; and home sale prices are up.
Note: Data in the table above pertains to existing site/stick built, single-family properties only. Data excludes condo/townhouse, manufactured/modular and shared ownership properties.
Reno-Sparks numbers sourced from the Northern Nevada Regional MLS.
Las Vegas numbers compiled from:
- Las Vegas Housing Market Stable in November — RCG Economics
- Las Vegas home prices ’fairly flat’ the past few months — Las Vegas Review Journal
- Las Vegas house prices remain flat in November — Las Vegas Sun