The Las Vegas housing market in 2024 is experiencing significant shifts. While prices haven’t crashed, the market is cooling with more homes available and longer selling times. Single-family home sales dropped 16.2% from August to September, with 1,791 homes sold. The median price for single-family homes reached $479,900, a 6.6% year-over-year increase. Condos and townhomes saw a median price rise to $299,500, up 10.9% year-over-year. The luxury market ($1 million+) remains strong with 127 homes sold in September at a median price of $1,475,791. Inventory has increased by 34.2% year-over-year, with 5,458 single-family homes listed without offers in September.
This comprehensive analysis of the Las Vegas NV housing market in 2024 will explore the current state and trends, price dynamics, inventory and supply, neighborhood performance, and overall appreciation patterns. By understanding the nuances of this vibrant real estate landscape, buyers, sellers, and industry professionals can make informed decisions and capitalize on emerging opportunities.
Las Vegas Housing Market: Current State and Trends
The Las Vegas real estate market has experienced a shift in its dynamics, with [a href=”https://marissahmarshall.com/how-the-las-vegas-real-estate-market-has-changed-in-the-last-20-years/”]Las Vegas home sales[/a] slowing down and prices continuing to rise. In September 2024, single-family home sales declined by 16.2% from August and 1.6% compared to September 2023, with 1,791 homes sold. However, the median price for single-family homes rose to $479,900, a 6.6% year-over-year increase.
Condo and Townhouse Market Overview
The condo and townhouse sector in Las Vegas has also seen notable changes. The median price for condos and townhomes increased to $299,500 in September 2024, reflecting a 10.9% year-over-year growth. This trend suggests that the [condo market trends] in Las Vegas remain strong, with buyers seeking more affordable housing options in the city.
Luxury Real Estate Performance
The [luxury real estate Las Vegas] market continues to thrive, with 127 homes sold above $1 million in September 2024 at a median price of $1,475,791. This represents a significant $175,791 increase from the previous month, indicating the sustained demand for high-end properties in the Las Vegas area.
These shifting market dynamics in Las Vegas suggest a complex and evolving real estate landscape, with slower sales but sustained price growth across different property types. As the city’s population and economy continue to evolve, the housing market is adapting to meet the changing needs and preferences of buyers and sellers.
| Metric | September 2024 | September 2023 | Change |
|---|---|---|---|
| Single-Family Home Sales | 1,791 | 1,820 | -1.6% |
| Median Single-Family Home Price | $479,900 | $449,900 | +6.6% |
| Condo/Townhouse Median Price | $299,500 | $270,000 | +10.9% |
| Luxury Homes Sold (>$1M) | 127 | 115 | +10.4% |
| Luxury Homes Median Price | $1,475,791 | $1,300,000 | +13.5% |
Price Trends and Market Dynamics in Las Vegas
The Las Vegas housing market continues to showcase impressive resilience, with home prices reaching new heights despite slowing sales. In September 2024, the median sales price of previously owned single-family homes in Las Vegas climbed to $479,900, reflecting a robust 6.6% increase from the previous year. The condo and townhouse market experienced even stronger growth, with prices soaring 10.9% year-over-year to a median of $299,500.
The luxury real estate segment in Las Vegas also witnessed significant price jumps, with the median sales price reaching a remarkable $1,475,791. This surge in luxury home values underscores the continued demand for high-end properties in the region. However, the overall Las Vegas housing market is beginning to show signs of cooling, with increasing inventory and longer selling times indicating a potential shift in market dynamics.
| Property Type | Median Sales Price (September 2024) | Year-over-Year Change |
|---|---|---|
| Single-Family Homes | $479,900 | 6.6% increase |
| Condos and Townhomes | $299,500 | 10.9% increase |
| Luxury Homes (≥$1 million) | $1,475,791 | N/A |
The average home value in Las Vegas currently stands at $428,770, reflecting a notable 7.1% year-over-year increase. Comparing the broader Las Vegas-Henderson-Paradise metropolitan area, the average home value is $433,042, up 6.6% despite the market’s cooling trend. These price trends underscore the continued strength of the Las Vegas real estate market, even as it shows signs of moderating in the face of rising mortgage rates and other economic factors.
Housing Inventory and Supply Analysis
Las Vegas has seen a significant increase in housing inventory, with the local real estate market shifting towards a more balanced state. According to the latest data, the number of single-family homes listed without offers in September 2024 reached 5,458, a remarkable 34.2% year-over-year surge. This surge in inventory is a key indicator of the changing market dynamics, providing buyers with more options and negotiating power.
Months of Inventory Metrics
The months of inventory in the Las Vegas housing market have also risen, from 2.2 months in September 2023 to 3 months in September 2024. This increase suggests a more balanced market, where buyers and sellers have more equal footing.
Days on Market Statistics
Along with the rise in inventory, the average days on market has also increased. In September 2024, only 61.5% of homes sold within 30 days of being listed, down from 68% in the previous year.
New Listings Impact
The Las Vegas housing market has also seen an influx of new listings, with a 12.8% year-over-year increase as of August 2024. This surge in new listings is the highest among major metropolitan areas, further contributing to the increased Las Vegas housing inventory and property supply. As of October 2024, there were 8,328 homes for sale, an 11.3% increase from the previous month.
| Metric | September 2023 | September 2024 | Year-over-Year Change |
|---|---|---|---|
| Months of Inventory | 2.2 | 3.0 | 36.5% increase |
| Homes Sold within 30 Days | 68.0% | 61.5% | 9.6% decrease |
| New Listings | N/A | 2,830 | 15.6% increase |
| Homes Listed without Offers | 4,064 | 5,458 | 34.2% increase |
Neighborhood Market Performance
Las Vegas neighborhoods have demonstrated varying market performances, catering to diverse buyer preferences and price points. Summerlin remains a top choice, with a median home price of $600,000, reflecting a 5% year-over-year increase. Henderson’s median price reached $520,000, a 4% increase, attracting families and retirees. North Las Vegas offers more affordable options at $385,000, up 3.5%.
Downtown Las Vegas saw a 4% increase to $400,000, appealing to young professionals. Other notable areas include Tule Springs ($664,900), Sun City Summerlin ($528,000), and The Paseos ($1.2 million). These diverse neighborhood trends reflect the city’s varied local real estate markets and community housing trends, catering to different buyer preferences and price points.
| Neighborhood | Median Home Price | Year-over-Year Change |
|---|---|---|
| Summerlin | $600,000 | +5% |
| Henderson | $520,000 | +4% |
| North Las Vegas | $385,000 | +3.5% |
| Downtown Las Vegas | $400,000 | +4% |
| Tule Springs | $664,900 | N/A |
| Sun City Summerlin | $528,000 | N/A |
| The Paseos | $1,200,000 | N/A |
The Las Vegas neighborhoods showcased in this table highlight the diverse real estate landscape, catering to a wide range of buyer preferences and budgets. Whether you’re seeking a family-friendly community, a vibrant urban environment, or a luxury lifestyle, Las Vegas has something to offer.
Market Appreciation and Growth Patterns
Las Vegas has experienced remarkable real estate growth over the past decade, with property values skyrocketing by an impressive 167.42%. This translates to an average annual appreciation of 10.34%, placing the city among the top 10% of national performers. The most recent quarter (Q3-Q4 2023) saw a 1.80% increase, while the past year showed a modest 0.23% gain.
Looking at a longer timeframe, the five-year appreciation (2018-2023) in Las Vegas stands at a robust 48.48%, averaging 8.23% annually. Since the turn of the millennium, the city has seen a staggering 178.38% appreciation, ranking 5th in the state of Nevada and 8th nationally.
Regional Market Comparisons
When comparing Las Vegas to nearby cities, the region has demonstrated impressive resilience. Over the past year, Las Vegas saw a 7.5% year-over-year price increase, outpacing the growth in Clark County (7.1%) and North Las Vegas (5.5%). This sustained market performance highlights the desirability and continued appeal of the Las Vegas real estate market.
| Market | Year-over-Year Price Change |
|---|---|
| Las Vegas | 7.5% |
| Clark County | 7.1% |
| North Las Vegas | 5.5% |
The combination of historical and recent data showcases the exceptional Las Vegas property appreciation and the city’s leadership in real estate growth within the broader regional market. This market value increase has contributed to a heightened sense of financial stability and well-being among local homeowners.
Buyer and Seller Market Conditions
The Las Vegas real estate market remains a seller’s market in 2024, with homes selling faster and at higher prices compared to the previous year. The median sold price reached $429,997, a 7.5% increase from October 2023. However, market dynamics are gradually shifting, as 54.1% of homes sold below asking price in October 2024. The average sale time increased to 37 days, up from 32 days in October 2023, indicating a move towards a more balanced market.
These trends suggest that both buyers and sellers can find opportunities in the current Las Vegas real estate landscape. Buyers may discover more negotiating power, while sellers still benefit from overall price appreciation and relatively quick sales in desirable areas. According to a survey by the National Association of, 43% of homebuyers made purchases in 2024 because it was the right time, while 24% felt compelled to buy out of necessity.
As the market moves towards a more balanced state, both buyers and sellers must stay informed and adaptable. Prospective homebuyers in Las Vegas should closely monitor the latest market trends and work closely with experienced real estate professionals to make the most informed decisions. Meanwhile, sellers can still capitalize on the strong demand, but may need to adjust their expectations and be willing to negotiate to secure the best possible outcomes.
