Current Las Vegas Market Individual Charts
Current Las Vegas Market Report
Market Overview
Demand is gaining momentum despite more listings taken and more available inventory resulting in only two months of available inventory. Closed units are up 8.2% over 2023 and closed volume is up nearly 22%. The median and average closed sales price of an SFR improved slightly:
- Median price went from $465,000 to $469,256 – a 0.9% increase from March.
- Average price went from $590,554 to $598,623 – a 1.4% increase from March.
Although every market segment improved in April, it was the luxury market that soared with 182 closings – the most since April 2022. However, there was a minor uptick in distressed sales, so we will monitor this to see where it’s going.
Market Changes Ahead!
Are you ready for August 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! I would also urge all listing agents to point out to potential sellers the importance of having a great buyer’s agent on the other side
Forrest's Training & Education 