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 last year and closed volume up 28% over last year’s volume at this point. Listings taken remain strong, but even stronger demand resulted in more closings – leaving us with only have 3 months of SFR inventory. Pendings improved another 200 units. All of this activity contributed to a significant reduction in overpriced inventory.
Market prices in Las Vegas continue to hold or improve despite overall market conditions.
- The median closed sales price of an SFR jumped from $445,000 to $460,000
- The average sales price of an SFR dipped from $581,906 to $578,437
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 only 6 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 