Current Las Vegas Market Individual Charts
Current Las Vegas Market Report
Market Overview
The 2024 Greater Las Vegas real estate market kept pace with closed units in the first quarter of 2024; however, SFR closings fell short of March 2023 despite besting February closings. Listings taken, available units, pending sales, and closed sales all edged up nicely from February. The market remains strong in the higher price points and the luxury market.
Market prices in Las Vegas continue to improve despite overall market conditions.
- The median closed sales price of an SFR jumped from $460,000 to $465,000
- The average sales price of an SFR rose from $578,437 to $590,554
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.
Market Changes Ahead!
Are you ready for July when it’s likely that we will be required to have an executed buyer’s representation agreement before we can show a property? I can only recommend that we take advantage of the second quarter of 2024 to develop a great buyer presentation that will showcase your value! Buyer’s agents remain extremely critical to the success of each and every real estate transaction! So, help your buyers understand why the Internet is not their agent and why they genuinely need you even if the listing agent is awesome – which we always hope for anyway!
Forrest's Training & Education 