Las Vegas Median House Prices & Real Estate Market Overview
The median sales price of existing (resale) single-family homes in Las Vegas for the month of September 2016 is $230,000. The Median List Price is $231,900 with an average days on market of 22 days. Las Vegas home values have gone up 6.3% over the past year and we predict they will rise 6.0% within the next year.
The Bottom line:
Things are starting to slow down, if you’re thinking about selling, act fast before the holiday season, where things will really slow down. Overall closings for 2016 remain 8.1% ahead of last year’s closings. Let’s take a look at the September 2016 real estate market numbers for Las Vegas:
*DOM = Days on Market
The median house price is the midway point of all the Las Vegas houses sold at over a set monthly period. That is, if there were 101 houses sold during the month, the median house price would be the house price in the middle i.e., that has 50 house prices above it and 50 house prices below it.
This differs to the mean price, which is the average price sold. The mean house prices can be calculated by adding up all prices on houses sold, then divide by how many houses there are.
The reason the median price is used rather than the mean is mainly because it is a more accurate indicator of the market, as it reflects the sample size being used.
One of the problems with using the median, however, is that it reflects if there has been a large amount of more expensive or less expensive homes sold in any given period. In these circumstances, you can often notice large differences in the median price of a certain area from month to month. For this reason, it is often better to view median prices over periods of time and monitor the trends, rather than looking at one month’s figures in isolation.