Greater Las Vegas Real Estate Market Update – October 2021

Current Las Vegas Market Individual Charts

Current Las Vegas Market Report

Market Overview

The 2021 residential resale market cruised along in September with listing agents trying to catch their breath as they try desperately to increase the available inventory. Demand remained steady as new listings fell a bit short of those taken in August. That leaves Greater Las Vegas hovering at 1.2 months of SFR inventory.

The year-to-date results remain 33% ahead of 2020 closings. Meanwhile the hi-rise and luxury markets another strong month with 100 and 128 closings respectively. The median sales price of SFR closings improved to $406,500 while the SFR average closed sales price rebounded to $486,246 representing 0.62% and 1.71% increases respectively. Still, some communities saw a dip in the average closing prices while others enjoyed increasing sales prices. That’s why we always remind everyone that all real estate is local – even hyperlocal. Your community or subdivision may not be – and most likely isn’t in lock step with the larger market. Similarly, some communities are increasing available inventory more quickly than others.

2021 – A Record / Banner Year?

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