Current Las Vegas Market Individual Charts
Current Las Vegas Market Report
Market Overview
The Greater Las Vegas real estate market in April was on par with March but fell short of April 2024 closings. The net result is that both closed units and volume year-to-date are flat compared to 2024.
- the Median price of SFR closing fell from $485,000 to $480,000.
- the Average price an SFR closing retreated from $632,933 to $608,800 – a 2.4% decrease from March.
The luxury market led the February market with 178 closings above $1 Million, including 19 above $3 Million. The luxury market slipped slightly from April 2024, but remains the strongest segment of the market.
Months of residential inventory has improved to 4.5 months primarily as a result of more listings taken while listings are taking a little longer to close and sales have slowed a little. There were 4,964 residential listings taken in April compared to 4,668 in March. Closings are never uniform across the Las Vegas area. Be sure to look at the “selected communities” report and notice that months of inventory range from two to fourteen months – depending on the community.
Market Changes Ahead!
Where do we go from here! Certainly, the real estate market is quite stable with plenty of consumer optimism. We see signs of inflation slowing and the possibility of lower interest rates ahead this year. Will new home builders be able to keep pace with demand? How will tariffs impact our market? All unknown – so stay tuned.
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