Current Las Vegas Market Individual Charts
Current Las Vegas Market Report
Market Overview
The 2024 Greater Las Vegas real estate market is off to a good start with closed units up 14% over January 2023 and closed volume up 24% over last January. It also appears that our listing agents have returned from the Winter holidays fully recharged as they took 1.000 more listings in January than in December. However, with demand remaining steady, we still only have 3.5 – 4 months of inventory. Pendings jumped approximately 600 units. All of this activity contributed to a significant reduction in overpriced inventory.
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 dipped to $445,000.
- The average sales price of an SFR increased to $581,906.
It’s worth noting that as residential home prices have risen, that condos and townhouses keep increasing their share of the monthly closings. Meanwhile, the luxury market remains robust with an 8 months supply of homes for sale.
Welcome Back CDOM
The Las Vegas REALTORS MLS have re-introduced my favorite “BS-detector” tracking indicator. Let’s welcome back the “Cumulative Days on Market” (CDOM) metric! Sometimes I affectionately refer to this as the Correct Days on Market”! LOL Either way, it shows up in this month’s reports with CDOM showing 47 days on market for residential closings versus 37 days last month. Thank you LVR!!!
Forrest's Training & Education 