Condos and townhouses are becoming increasingly popular in Las Vegas as home prices rise and buyers are looking for bargains.
Sales of single-family homes dropped 6.6 percent in May over the previous year, while sales of attached homes (condos & townhouses) rose by 5.3 percent, according to a report from Home Builders Research, located here in Las Vegas.
Through May of 2019, builders have sold 577 attached homes, an increase of 27 percent over the previous year, versus single-family homes which dropped by 7.1 percent with 3,498 homes sold.
Changes in the market are showing themselves. Home prices have been steady at a median of $300,000 for three months, according to the Greater Las Vegas Association of Realtors (GLVAR), while sales, year-over-year, have begun to slow. Housing inventory is growing and there are more pre-existing homes on the market for longer. May showed the slowest year-over-year gains in home values since 2012.
All of this indicates a cooling housing market in the Las Vegas area, while sales of attached houses is increasing. Home buyers are looking for less expensive housing and are willing to share walls and common areas to save money.