Current Las Vegas Market Individual Charts
Current Las Vegas Market Report
Market Overview
Supply improved in October with an increase in listings taken resulting in 6,159 available single family homes. There were a few more closed sales in October, but the Las Vegas market ended up with four (4) months of inventory. Closed units are 3.8% better than 2023 and closed volume is up 13.3% from 2023. Most other market metrics were primarily unchanged. However,
- the Median price went from $480,000 to $475,487.
- the Average price went from $602,098 to $585,051 – a 2.8% decrease from September.
The luxury market showed continued strength, especially in the $3 Million and above closed sales. In fact, the luxury market has already closed more units than all of 2023 and is on track to surpass the 2021 luxury closing record.
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!
The recent Fed interest rate drop should have helped more than it did, but it teased another rate drop and that has some sitting on the sidelines in anticipation. Even if rates go lower, many homeowners are sitting on 3-4% interest rate loans and remain reluctant to sell unless necessary.
Las Vegas has blossomed into a major international destination city that no longer is dependent solely upon gaming and conventions for its revenue. Demand is being driven hard here by the very nature of this multicultural and vibrant business & industry center. But will additional BLM land become available to address the additional housing needs? Condos, townhomes, and attached homes will continue to assist in addressing demand for housing in Greater Las Vegas in the meantime.
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