Forrest's Training & Education

Current Las Vegas Market Individual Charts

Current Las Vegas Market Report

Market Overview

Supply dropped in November along with a sharp drop in listings taken resulting in 5,887 available single family homes. There were a fewer closed sales in November even as the Las Vegas market ended up with 4.2 months of inventory. Closed units are down 13.5% from October but up 10% from November 2023. However,

• the Median price went from $475, 487 to $480,000.
• the Average price went from $585,051 to $599,544 – a 258% increase from October.

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 now approved settlement agreement. That does little to stop the grieving process of those simply wanting to return to the “old way” of doing business. Now we just have to watch the various state legislature in their upcoming sessions to see if more states will pass bills to create parity between Realtors and non-Realtors.

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. It will be interesting to see if the real estate market gets a boost over the next several months not that we have the 2024 election behind us. Of course, that does not apply to the Las Vegas REALTORs 2024 elections! Wow – made for reality TV drama! Perhaps LVR should be a candidate for Survivor – the real estate edition.

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.