Greater Las Vegas Real Estate Market Update – February 2022

Current Las Vegas Market Individual Charts

Current Las Vegas Market Report

Market Overview

January 2022 began very much like January 2021 except for a much lower inventory and a 26% increase in the median sales price of a Single Family Residence (SFR) year over year. 2022 closings are up 1.7% from last January and the average days on market have dropped from 38 days to 26 days with only 0.9 months of inventory.

The median sales price of SFR closings jumped from $425,000 to $435,000 for a one-month gain of 2.4% while the SFR average closed sales price reached $527,491 for a one-month increase of 4%. The previous SFR average price was $507,123, but compare that to $425,514 in January 2021!

Cruising into 2022

Challenges in the Price Range Below $400,000

One year ago 23% of the closed units were under $250,000 and 76% of all residential closed sales units were below $400,000. Fast forward to January 2022 and notice that only 14% of all closings are below $250,000 with closings below $400,000 have shrunk to only 50% of the Las Vegas market closings. This sheds light on why there are more cash transactions again in this part of the market.

Meanwhile, we are beginning to see 1031 tax deferred exchange closings in the mix. It actually made up 1% of January closings, so we will be keeping an eye on this to see if it is a one-time blip on the radar or the start of a trend.

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