Current Las Vegas Market Individual Charts
Current Las Vegas Market Report
Market Overview
The 2023 Greater Las Vegas real estate market settled out at 18% below 2022 closing levels – both in units and volume. 2023 SFR closings ended the year below 2008 and 2006 levels, but right around the 2002 closing levels – but with stronger market values. That’s the reality and could perhaps be considered the “bad news”, but it’s really not that bad. Let’s take a peek at the fundamentally good news underlying these results.
Market prices trended sideways for much of 2023 but did not simply fall in response to market conditions.
- The median closed sales price of an SFR remained flat just below $450,000.
- The average sales price of an SFR dipped 2.6% to $567,507
December SFR closings were slightly ahead of last month and last December. So, perhaps the market will begin to see relief from the contraction we’ve seen the past several months. The year also ended up with strong support for financed closings. FHA has a very good December.
Finally, the higher end of the Las Vegas market remains strong especially as we remain a destination city for the new wave of residents who are benefitting from the incredible growth in sports, music, and entertainment.
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