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Current Las Vegas Market Individual Charts

Current Las Vegas Market Report

Market Overview

Supply and demand cooled off in September with 435 fewer listings taken and 438 fewer residential closings. The net result is that we are sitting with 4.2 months of inventory today versus 3.2 months of inventory just one month ago. Closed units are 3.0% better than 2023 and closed volume is up 12.6% from 2023. Most other market metrics were primarily unchanged. However,

• the Median price went from $479,000 to $480,000.
• the Average price went from $575,141 to $602,098 – a 4.69% increase from August.

The luxury market was relatively unaffected by the September slump. In fact, the luxury market has already closed nearly as many units as all of 2023, with another 137 units this month. However, the number of months of luxury inventory jumped to nine (9) months. That’s due to a significant increase in luxury listings taken in September.

Market Changes Ahead!

It seems that we are all adapting to the market changes created by the implementation of the new NAR rules related to their proposed settlement agreement. But wait . . . the courts still need to review these rules beginning on November 26th. I still expect that the proposed settlement will not be approved in its present form and that there will be more changes ahead – along with another round of forms!

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 – are responsible for policing compliance with the new rules. Guess what? Each MLS is doing it differently!

Personally, I’m hoping there will eventually be a major restructuring of NAR. I believe that NAR’s greatest strength lies in market and economic research, education, and potentially political advocacy. Consequently, I would like NAR to extract itself even further from MLS activities, rules, and policies.