Median Price Tracking for 1500sf Home

Listen to media and read the papers and one would think the prices of homes in the Las Vegas Valley were holding fairly firm. The million dollar plus market remains fairly active in the market place. Due to this activity, the median price of a home in Las Vegas has been artificially propped up. So what is happening in the REAL real estate market, the one for the averge Joe? The graph outlines the monthly median price of a detached home in the Las Vegas Valley dating to January 2006. July 2006 was the last hurrah for stabilized prices. In the last 12 months, the median price of a 1500 sf home has declined 7.8%. This is indicated on the red point line. The blue line illustrates the trend of the median for a home this size. The number of homes sold in the 1500sf range this year are 44% lower than 2006. Good news? Your 1500sf home is still worth significantly more than 5 years ago. Bad news? If you bought your home within the past 3 years, you may have quite a fight on your hands should one need to sell. And one more thing, a 1500 sf home is worth the most TODAY, tomorrow it is worth less.

Keywords: Las Vegas Real Estate, Las Vegas Market Data,