Southern Nevada Home Prices Nearly At Pre-Recession Levals

Home Price Growth Slow, But Stable

Mitch Kelly
October 08, 2019 - 7:40 am

Ethan Miller/Getty Images

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LAS VEGAS, NV (KXNT) - Home prices aren't growing as fast as they have in recent years in the Las Vegas Valley, but a new report from the Greater Las Vegas Association Of Realtors says that the average price of a new home is near what it was before the Great Recession hit in 2008.

The new study showed that the average price for a single-family home in September was $310,000, up just under 2 percent from the month before, and up just over 3 percent from September of 2018.

By comparison, the average price of a single-family home just before the real estate bubble burst in 2008 was $315,000.

The Las Vegas housing market continues to be seen as a stable one, even if real estate values have cooled off recently following the end of the Great Recession.

Part of the reason for that is that there continues to be a glut of inventory, meaning more choices for home buyers.

Real estate experts also have more confidence in the market as a whole due to lenders requiring more documentation from home buyers before extending out a loan, something that wasn't scene during the peak of the real estate heyday of the early 2000s.