LAS VEGAS (KTNV) — 2025 has kicked off the new year with record home prices and lots of properties up for sale across Southern Nevada.
According to a new report by Las Vegas REALTORS, the median home price of a single family home sold in January was $485,000. That's up 9% from January 2024.
This breaks the previous record of $482,000 set back in May 2022.
The median price for condos and townhomes sold for $293,000 — another increase that's 6.5% from a year ago.
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We are all wondering, will this trend continue?
To get you the answer, I asked an expert — Bob Hamrick, the CEO of Coldwell Banker Premier Realty Las Vegas.
Tricia: What are you seeing in the next five years overall in terms of real estate for Southern Nevada?
"Well, Tricia, I think for the example to be during a time when interest rates are as significantly high as they are, for us to continue to see appreciation, it definitely speaks to the resiliency of our marketplace and the belief that our momentum is going to continue," Hamrick said.
"I'm a big believer in that as well. We do not have the number of homes necessary for the number of people that are looking to move to Las Vegas and the growth that we're anticipating. So, I do believe that now is the best time to buy if you're in the market because it's likely to continue to move up."
Real estate experts say because of high interest rates, almost 29% of homes sold in January were cash offers.
▶ Watch Are you thinking of buying a home in Las Vegas? Here's what you need to know
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