According to the latest market data, the Las Vegas real estate market is expected to continue its strong performance in 2024. The median home price for single-family homes sold in Las reached $475,000 in June 2024, up from $440,990 a year earlier. Home prices have steadily increased, rising from $445,000 in January 2024 to $475,000 by June.
Despite the ongoing growth, inventory remains tight in the Las Vegas housing market, with only 2 months of supply available as of June 2024, up from 1.6 months in March. The percentage of homes selling within 30 days remains high, at 71.6% in June 2024, up from 65.5% the prior year. These market trends suggest that Las Vegas will continue to be a seller’s market in 2024, with prices continuing to rise and homes selling quickly.
Key Takeaways
- The median home price in Las Vegas reached $475,000 in June 2024, up from $440,990 a year earlier.
- Housing inventory remains tight, with only 2 months of supply available in the market as of June 2024.
- 71.6% of single-family homes sold in Las Vegas in June 2024 were sold within 30 days, up from 65.5% the prior year.
- Las Vegas is expected to remain a seller’s market in 2024, with prices continuing to rise and homes selling quickly.
- The Las Vegas real estate market has shown resilience and continued growth, despite various challenges.
Las Vegas Housing Market Overview
The Las Vegas housing market has continued to demonstrate resilience in 2024, with steady increases in median home prices and moderately tight inventory levels. The median home price for single-family homes sold in Las Vegas reached $475,000 in June, up from $473,000 in May and $440,990 a year earlier. Prices have steadily increased throughout 2024, rising from $445,000 in January to $460,000 in February, $465,000 in March, and $469,000 in April before reaching the June peak. This represents a 7.7% increase in median home prices compared to June 2023.
Median Home Prices in Las Vegas
Despite the ongoing price appreciation, the Las Vegas housing market remains accessible, with the median home price still below the national average. The median price for condominiums and townhomes in Las Vegas was stable at $295,000 in June, marking a 7.3% increase from the previous year. This provides opportunities for first-time homebuyers and those seeking more affordable housing options.
Housing Inventory and Sales
Housing inventory in Las Vegas remains tight, with 2 months of supply available on the market as of June 2024, up from 1.9 months in May but still down from 2.3 months a year earlier. The number of single-family homes sold decreased by 12.8% in June 2024 compared to May, totaling 2,093 homes sold. However, this is still down 8.7% from June 2023. The percentage of homes selling within 30 days increased to 71.6% in June 2024, up from 70.9% in May and 65.5% in June 2023, indicating continued strong demand.
The Las Vegas housing market continues to be a dynamic and evolving landscape, with both opportunities and challenges for homebuyers and sellers. By staying informed about the latest trends and data, prospective homeowners can make informed decisions and navigate the local market effectively.
Las Vegas real estate market: Buyer’s or Seller’s Market?
According to the latest data, the Las Vegas real estate market remains firmly in a seller’s market. Home prices have continued to rise, with the median price reaching $475,000 in June 2024, up 7.7% from a year earlier. Inventory levels remain tight, with just 2 months of supply available, and the majority of homes (71.6%) selling within 30 days. These factors indicate that Las Vegas is still very much a seller’s market, with limited options for buyers and strong demand driving up prices.
Buyers in the Las Vegas area may need to act quickly and be prepared to pay at or above asking price to secure a home in the current market conditions. The city is ranked the 35th strongest seller’s market in the country, with a score of 62.9 out of 100 according to Zillow’s Market Heat Index. Cities with a score of 70 or more are considered strong seller’s markets, and Las Vegas has not been in a buyer’s market since 2018.
| Metric | June 2024 Value | Comparison |
|---|---|---|
| Single-Family Home Sales | 2,093 | Down 2.7% from May, Down 8.7% from June 2023 |
| New Listings | 2,819 | Down 9.7% from May, Up 7.7% from June 2023 |
| Median Price for Single-Family Homes | $475,000 | Up 0.4% from May, Up 7.7% from June 2023 |
| Median Price for Condos/Townhomes | $295,000 | Up 7.3% from June 2023 |
| Housing Supply | 2 months | Up 22% from May, Up 22.5% from June 2023 |
| Homes Sold in 30 Days or Less | 71.6% | Up from 70.9% in May, Up from 65.5% in June 2023 |
While the Las Vegas real estate market remains a seller’s market, there are signs that the market may be stabilizing. Mortgage rates have hovered above 7%, dampening sales, but buyer activity has increased slightly as some homebuyers are no longer willing to wait for rates to drop. The overall outlook across the nation’s housing stock indicates that demand continues to outpace supply, but the Las Vegas market may see some potential stabilization in the coming year.
Conclusion
The 2024 Las Vegas real estate market is showing continued strength, with home prices reaching new highs and homes selling. The median home price hit $475,000 in June 2024, up from $440,990 a year earlier, and inventory remains limited at just 2 months of supply. These market conditions solidify Las Vegas as a seller’s market, with little relief in sight for buyers. Those looking to purchase a home in the Las Vegas area should be prepared to act quickly and potentially pay above asking price to secure a property.
Overall, the 2024 trends suggest the Las Vegas real estate market will remain highly competitive for buyers throughout the year. With a strong job market, population growth, and limited housing inventory, the demand for homes in Las Vegas is likely to remain high. For those interested in investing or purchasing a property in the Las Vegas area, it’s crucial to stay informed on the latest market trends and work with experienced real estate professionals to navigate the competitive landscape successfully.
Despite the challenges, the Las Vegas real estate market continues to offer opportunities for both buyers and sellers. By understanding the current market dynamics and planning accordingly, individuals can make informed decisions and potentially capitalize on the ongoing strength of this dynamic real estate market.
