Las Vegas Housing Market: Prices, Trends, Forecast 2024
Despite recent price increases, the Las Vegas housing market continues to attract homebuyers.
According to Norada Real Estate Investments, unlike some other hot markets, Las Vegas offers a surprising level of affordability compared to the national average. This article dives into the intricacies of the Las Vegas housing market, exploring current home values, market trends, and valuable insights for buyers and sellers.
How is the Las Vegas Housing Market Doing? A July 2024 Update
The Las Vegas housing market is currently a topic of great interest, especially with its noted fluctuations in price and inventory levels In July 2024, the Las Vegas housing market showcases some intriguing trends that underscore both challenges and opportunities. While the median sales price for homes has seen an increase, total sales have dipped, indicating a complex market dynamic.
Key Market Trends
Sales and Inventory
- Single-Family Home Sales: In June, 2,093 single-family houses were sold, reflecting a decline of 2.7% from May and 8.7% from June 2023. This downward trend in sales suggests a market that is tightening as buyer interest evolves.
- New Listings: The month saw 2,819 new listings, down 9.7% from May, yet up 7.7% compared to June 2023. This indicates a potential slowing in inventory rollout that could affect market dynamics moving forward.
Price Trends for Homes
- The median sales price of single-family homes rose to $475,000 in June, an increase of $2,000 from May and a substantial $34,010 increase from June 2023. To put this into perspective:
- June 2023: $440,990
- June 2022: $480,000
- June 2021: $395,000
This shows an overall upward trajectory despite minor fluctuations.
- The condominium and townhome market also experienced robust growth, maintaining a median price of $295,000, flat compared to May but up 7.3% from the prior year, which aligns with a historical increase:
- June 2023: $275,000
- June 2022: $280,000
- June 2021: $216,000
Luxury Market Insights
The luxury segment of the market shows its own unique trends. In June, 136 homes sold for $1 million and over, a decrease of 24 homes compared to May. However, the median price in this segment increased to $1,482,347, marking a significant increase of $77,347 from May.
Supply Dynamics
The overall housing supply in Southern Nevada appears to be shifting. As of June, the market reflected 2 months of inventory, which is an increase of 22% from May and 22.5% from the previous year. This supply increase may indicate a shift toward a more balanced market.
- Days on Market: Impressively, 71.6% of homes closed in June were on the market for 30 days or less, up from 70.9% in May and 65.5% last year. This rapid turnover emphasizes continued demand for homes even amidst fluctuating inventory levels.
Las Vegas Real Estate Appreciation Trends
Las Vegas, the dazzling city of lights and entertainment, has seen more than just its share of growth over the years. This vibrant desert metropolis has also become a hotspot for real estate investors and homeowners seeking a solid market with consistent appreciation.
Over the last decade, Las Vegas real estate has experienced a remarkable boom, boasting an impressive 167.42% appreciation. This translates to an average annual growth rate of 10.34%, placing Las Vegas among the top 10% performers in the nation (Neighborhoodscout).
