Residential Market’s Strong Finish Points To More Gains in 2014

Las Vegas finally had a full good year in terms of its housing market prices. The end of 2013 marked continued gains for the local market, as data issued by the Greater Las Vegas Association of Realtors indicates. December saw prices rising once again, prepping the new year, which according to industry specialists, will one of steadier gains, and stabilization.

The Las Vegas housing market kept a year of gains going all the way to the end. According to data released by the Greater Las Vegas Association of Realtors,  the median price of a single-family home rose to $185,000 in December.

That marked a 24 percent increase compared to the fourth quarter of 2012, when the average resale price of homes in the market was $149,000. Moreover, median prices have remained above $180,000 since July. That surge promises further gains and stabilization in 2014.

Median prices of condos and townhomes also recorded significant growth in 2014 .On the strength of a 26.3 increase during the year, prices reached $96,000 by the end of last month.   

Encouraging as those gains are, they are not universal in the state’s housing market. The Las Vegas Review-Journal notes that Nevada still leads the country in underwater homes. According to the publication, approximately 38 percent of homeowners in Nevada are currently unable to pay off their mortgages, while Florida and Illinois follow with 34 percent and 32 percent respectively.