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 remains at 3.2 months. Closed units are up 3.9% over 2023 and closed volume is up 15.1%. August kept pace both with last month and last year at this time. Conventional financing and VA financing were both strong in August.
- Median price went from $480,000 to $479,000.
- Average price went from $619,975 to $575,141 – a 7.23% decrease from July.
The luxury market cooled only slightly with 149 million dollars or higher closings. The luxury market remains on track to surpass its 2021 market high! However, the dip in the average closed sales price of an SFR is primarily due to drop in very high-end luxury sales above $3 Million.
The heatwave continues into September, 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.
Forrest's Training & Education 