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Current Las Vegas Market Individual Charts

Current Las Vegas Market Report

Market Overview

The Greater Las Vegas real estate market enjoyed a December surge of closed sales to boost 2024 sales over 2023 sales. 2024 total closed sales ended up at a 2006 level but is the first time in three years that we witnessed a year over year improvement in residential sales.

• the Median price of SFR closing dipped slightly from $480,000 $475,000.
• the Average price an SFR closing improved from $599,544 to $623,135 – a 3.9% increase from November.

The luxury market led the December rally with 167 closings above $1 Million, including 14 above $3 Million. That sets a new all-time market closing record for annual luxury sales and contributed to the uptick in the average closed sales price despite the dip in the median sales price. Similarly, all other market segments – except high rise sales – enjoyed higher closed sales in units than in 2023.

The Las Vegas market currently has 3.6 months of as a result of the increased closings in December coupled with a normal but seasonal drop in listings taken. However, I trust that our listing agents have all returned from their well-deserved vacations and are ready to take more listings. At least, that’s what Rick Berube told me! Meanwhile, the luxury market has 7 months of inventory overall, but the luxury market at $3 Million and above has 21 months of inventory.

Market Changes Ahead!

Please not the first chart below which depicts the Standard and Poor’s Case-Shiller home indices for the past ten years as of October. Case-Shiller is always 3 months in lag of the market, but even by October we can see a very stable market even with a bit of leveling off. There’s every reason to believe that a modest uptick is quite possible in the next few months.

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.