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Current Las Vegas Market Individual Charts

Current Las Vegas Market Report

Market Overview

Demand remains strong, more listings were taken – and overall – more inventory is available. Residential inventory is currently at 3.2 months. Closed units are up 3.9% over 2023 and closed volume is up 15.1l%. July kept pace both with last month and last year at this time. Conventional financing showed continued strength across the board – with sales under $400,000 receiving a bump in FHA closings.

• Median price went from $475,000 to $480,000.
• Average price went from $605,489 to $619,975 – a 2.39% increase from June.

The big winner in July was the luxury market with 171 million dollars or higher closings. In fact, the luxury market is on track to surpass its 2021 market high! We are certainly seeing that in the higher average closed sales prices.

Everyone has adjusted to the heatwave, so keep extra bottles of water available for your clients and yourself this summer.

Market Changes Ahead!

Ready or not, the NAR rule changes and a plethora of new forms nationwide have moved in like a Florida hurricane. Don’t get caught up in all the hoopla and focus on the basics of buying and selling. We are already adapting to the changes as they are implemented – knowing that they will continue change several times again over the months ahead.

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.

Kudos to the United States Supreme Court!

The Supreme Court overturned the Chevron doctrine in Loper Bright Enterprises v. Raimondo. Clearly, too many governments administrative agencies have overreached in their rulemaking efforts but have had little to no legislative or judicial oversight. Will this decision provide additional checks and balances to rules that are currently impacting the real estate community that were the result of agency agendas, such as the FTC and FCC? We will have to wait and see . . . but I certainly hope so!!

You can read the decision here —–>> https://www.scotusblog.com/2024/06/supreme-court-strikes-down-chevron-curtailing-power-of-federal-agencies/