Current Las Vegas Market Individual Charts
Current Las Vegas Market Report
Market Overview
Demand remains strong even as more listings are being taken and more inventory is available. Residential inventory is currently at 2.4 months. Closed units are up 8.2% over 2023 and closed volume is up nearly 22%. May was a continuation of what we experienced in April with both the median and average sales prices inching up a bit
- Median price went from $469,256 to $474,450 – a 1.1% increase from April.
- Average price went from $598,623 to $ 600,861 – a 0.37% increase from March.
Now. will the market cool down as the summer threatens to heat up? Stay tuned!
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.
Finally, please keep in mind that all of the proposed changes are merely rule changes to our real estate practices and procedures. No laws have been changed, but many consumers believe they have. Consequently, the various MLSs – not state regulatory agencies – will be responsible for policing compliance with the new rules.
Forrest's Training & Education 