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% |
| Available inventory | 7,003 | 1,273 |
| 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.
Your thoughts?
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
Ellen
It’s interesting. We got a townhouse in Henderson 1.5 yrs ago. Luckily our agent there was very aware of the market and emailed me around midnight about the townhouse as it would go immediately. It had 3 offers the next day. Rents seem to be lower there, property management less expensive, ( homework required). Realtors expect prices to skyrocket after stadium is built. I’m considering an exchange there on a property I’ve been updating. Tough decision.
Guy Johnson
Hello Ellen. Thank you for your comment. All the best with your real estate purchases/exchanges. Keep us posted.
Catherine
Wow, I didn’t know Vegas was so much cheaper than here! (not that I would want to live there again with their summer weather)