The median sales price of previously owned single-family homes increased to $435,000 last month, which is down 19.4% from December and down 2.9% from January 2021. The report from the Las Vegas Realtors shows that housing prices in the valley continue to rise, setting a new all-time high. According to the latest data, Southern Nevada's rapidly growing housing prices reached another all-time high in January 2022, as the previous year's hot streak continued. Buyers have flooded properties with offers, inventory is limited, and builders have raised prices and put buyers on waiting lists regularly. In Southern Nevada, homes are being sold at a quick pace, and prices are reaching new highs almost every single month. This trend has accelerated during the pandemic, according to industry experts, with home sales in the area reaching their highest level in 14 years. People continue to flock to Las Vegas from more expensive areas, particularly Southern California, putting more pressure on housing demand. Month after month, inventory is depleting and cannot keep up with demand. Sales of single-family homes are up from last year, and prices are reaching new highs. He Las Vegas housing market is on fire in 2022.
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