Las Vegas 2024 Year End Market Trends

Las Vegas Housing Market Trends: Nov. and Dec. 2024

Leslie Hoke’s 2024 End-of-Year Market Report provides the news you need to make sense of today's Las Vegas real estate market.

Nationwide, 2024 saw one of the slowest years for real estate in three decades. A combination of low inventory, slow builder activity, and high interest rates kept sellers locked in and buyers sitting on the sidelines.

But, not in Las Vegas...

Here, a combination of commercial development, infrastructure improvement and the allure of Las Vegas’s many advantages — nightlife, year-round sunny weather, and  Nevada’s favorable tax environment — continued to drive growth in home values and population. In the following report we'll touch on:

• End of Year Overview for Las Vegas Real Estate
• Exploring Opportunities for Las Vegas Real Estate Investors
• Five Factors That Will Impact the 2025 Market

End Of Year 2024 Real Estate Market Overview: Las Vegas Metropolitan Area

Year over year, 2024 saw more homes sold in Las Vegas than in 2023, with single-family home prices approaching an all-time high in December of $475,000, just below the May 2022 record of $482,000, according to reporting from Nevada Business Magazine and statistics from Las Vegas Realtors.

Las Vegas Residential Real Estate Stats

2024 finished strong with growth in both prices and available inventory plus solid showings across the board in both November and December.

Median home price and price changes since 2023: In November, the median price of single-family existing homes in the region was $480,000, up 6.7 percent from the previous year and a hair above (0.9 percent) October’s median price. November’s condos and townhomes numbers continued to offer affordability, down 4.4 percent from October but up 9.5 percent year over year. 

December’s single-family median sales price of $475,000 was down only slightly from November’s median of $475,531 but was up year over year from December 2023’s $449,900, according to the Las Vegas Review-Journal.

Condos and townhomes were a bit more affordable in December, at a median sold price of $290,000, down from November’s $301,250 and from October’s record-high of $315,000. However, it was still up 7.4 percent year-over-year from Dec. 2023’s $270,000.

Sales volume: Single-family home closings, at 1,647, were down in November month over month (-14.1 percent) but up year over year (+14.8 percent). In the condo/townhomes market, 476 units sold, down 11.9 percent month-over-month and up only slightly from the previous year at 3.7 percent.

For December, single-family home closings clocked in at 1,811, up 10 percent from November and up 19.3 percent year over year. For condos and townhomes, 466 units sold, down slightly at -2.1 percent month over month and up just a bit at +0.6 percent year over year.

For 2024 overall, there were a total of 31,305 existing homes, condos and townhomes sold, representing an 8 percent boost from 2023 when the total was 29,069. While this was a solid improvement, it’s still far below 2021’s record-setting year for volume, which saw 50,010 properties sold.

Average days on market: In November, 57.9 percent of single-family homes and 52.9 percent of condos and townhomes sold within 30 days of hitting the market. That’s down both month over month, from 58.9 percent and 59.4 percent respectively, and year over year, from 65.1 and 67.1 percent respectively.

December saw 50.1 percent of single-family homes and 52.6 percent of condos and townhomes selling within 30 days of listing. That’s down month over month, from 57.9 percent and 52.9 percent respectively, and year over year, from 57.6 percent and 59.4 percent respectively.

In December, 4,965 single-family homes and 1,763 condos and townhomes were still listed without any sort of offer. That’s up 31.8 percent and 55.6 percent respectively from the year prior. 

Inventory levels: End-of-year inventory still indicates a strong seller’s market with 3.4 months of single-family availability and 3.9 months of condo and townhome availability in November. December saw a slight dip to an average of 3.2 months of available inventory. 

For reference, a seller’s market is generally considered to reflect less than five months of inventory, a neutral market has five to six months of inventory, and anything above six months is considered a buyer’s market.

Exploring Opportunities for Las Vegas Real Estate Investors

We’ve seen an ongoing reduction in the number of cash buyers and this trend continued in the most recent numbers, with cash purchases accounting for a mere 26.2 percent of December transactions — far below the Dec. 2013 cash buyer record of 59.5 percent.

The challenge for Las Vegas real estate investors is twofold, with both low inventory and high prices making it difficult to find deals. Distressed properties — which normally provide the bulk of opportunities for investment — have reached near-historic lows, accounting for only 0.6 percent of transactions in December, half of the level from a year prior.

Here’s what it takes to create successful investment options in a highly competitive market like Las Vegas:

Look For Fixer-Uppers

The bright spot of opportunity for investors comes from their ability to tap into a network of contractors and subcontractors to make repairs to fixer-uppers — properties that don’t get much love from traditional buyers. Deferred maintenance or significant damage can leave current homeowners unable to afford the cost of getting a home market-ready, opening the door for a savvy investor to negotiate.

Look For Undervalued Markets

A solid understanding of micro markets within larger markets can offer opportunities for investors to target improvements in desirable locations. Combined with proactive outreach to landlords and absentee owners, this can result in an off-market purchase with more favorable terms for the investor.

Look For Emerging Markets

Home in on markets that have seen recent zoning changes, infrastructure development announcements, and strong job growth to determine where shortfalls in inventory might be developing. Looking ahead at the way the market is changing allows investors to make deals before the area is on other investors’ radar.

Look For Multi-Unit Opportunities

Convert That Single-Family Home to a Multi-Family Dwelling: For investors who are pursuing a buy-and-hold strategy, the chance to turn a single-family home into multiple units — either through reconfigured floorplans, finishing unfinished square footage, or the addition of an accessory dwelling unit (ADU) — may offer the ability to double or triple the income potential of an investment.

Consider a Home With Casita or Guest Suite: We can't stay on top of the requests for a Las Vegas home with a casita or guest suite. Whether it's for a family member or a short term rental, this flexible type of property can offer the mortgage subsidy or investment income you're seeking.

Look For Chances To Diversify

Investors who are heavy into flips may balance their portfolio with buy-and-hold opportunities.

Those who are focused on long-term rentals may want to look for the chance to own short-term Airbnb getaways (where zoning allows) as well. Diversification allows investors to weather market fluctuations while continuing to build their holdings. Check out our extensive post, Rules for Short-Term Rentals in Las Vegas, if you'd like more information.

Success as a real estate investor requires the help of a strong team. Working with the right real estate professional opens the door to a network of affiliated pros in finance, repair, law, marketing and more. In addition, it gives both new and experienced investors access to market insights that help them accomplish their goals.

5 Factors That Will Impact the 2025 Las Vegas Real Estate Market

Recent years have shown that the only thing that’s certain is uncertainty. However, there are a few elements that will determine what kind of year the Las Vegas housing market — and Las Vegas homeowners — will experience.

1. Interest Rates

A December jobs report put the kibosh on projected interest rate drops, at least in the near term. That means good news for cash buyers and bad news for buyers depending on financing. However, much of the pent-up demand for homes may require home buyers to make moves, even if it’s at a higher rate than they had anticipated.

The result is a reduction in affordability, meaning that buyers may have to look for more modest homes with fewer bells and whistles in order to accommodate the higher cost of financing. For those who had planned to upsize due to life changes, this may put a crimp in their planning. However, those who intend to downsize or to tap into their home’s growth in equity for a cash purchase will be at an advantage in the 2025 real estate market.

2. Home Prices

Home prices have consistently held steady with measured growth replacing the exponential growth of the pandemic years. Despite predictions of a real estate bubble, the only real movement seems to be a slower level of growth, which is projected to continue in the year ahead.

To take full advantage of increasing home values, homeowners should consult with their trusted real estate advisor to determine what repairs, improvements, updates and upgrades will best enhance their home’s value and keep it market-ready in case they plan to sell in the future. This is especially important for luxury homeowners, since luxury home trends tend to develop more quickly than those in more modestly priced home segments.

3. Inventory Levels

Tight inventory has kept home prices elevated and shows no sign of loosening up anytime soon. In many markets, however, sellers appear to have recovered from the interest rate sticker shock of the post-pandemic years, resulting in a relaxation of inventory in some areas.

Challenges to inventory come from a variety of factors, including the regulatory environment in certain markets and build-for-rent new construction taking scarce resources and construction personnel away from market-ready homes for sale. Improvements in inventory, especially for affordable housing suitable for workforce and first-time home buyers, will be needed to bring balance back to many markets. 

4. New Construction

Aside from its ability to boost inventory, new construction offers a two-for-one impact through interest rate breaks and builder-provided incentives. That makes Las Vegas new construction homes a popular choice for buyers who have been frustrated with the dearth of inventory options and the ever-increasing impacts of 2024’s mortgage rate roller coaster.

In addition to the lack of ongoing inventory growth, destruction of housing stock from 2024’s climate change-related events like the Southeast’s back-to-back hurricanes and the current LA wildfires means that much of the new construction materials and expertise will be focused on rebuilding decimated existing housing stock rather than improving overall inventory levels.

5. Luxury Market Growth

One of the few sectors where the real estate market shows significant inventory growth is in the Las Vegas luxury homes niche. With single-family luxury home inventory experiencing 19.6 percent growth and luxury condos and townhomes inventory up by 11.7 percent, demand for luxury residences continues to show promise.

In addition, according toThe Institute for Luxury Home Marketing, the 2024 end-of-year slowdown that occurs in most markets missed the luxury market at large. Add to that the strong pace of end-of-year sales and luxury homes in Las Vegas continue to show significant upside potential.

All in all, there’s a lot to smile about when it comes to Las Vegas real estate, both for those entering the market and for those who are already property owners. Opportunities abound, whether you’re looking for investment opportunities, considering a move to Las Vegas, or buying a forever home in or near one of the country’s most exciting cities.

Leslie Hoke Helps You Navigate The Las Vegas Real Estate Market

Maybe you’re an out-of-town buyer trying to plan an upcoming real estate purchase. Perhaps you’re a seller who wants to know what your home’s worth in this market. You could be a Las Vegas real estate investor looking for your next deal. On the other hand, you may be a Las Vegas homeowner just trying to keep your finger on the pulse of the Las Vegas real estate market.

Whatever your situation, Las Vegas’ favorite real estate agent and luxury expert, Leslie Hoke, offers the insights you need to help you plan ahead for what’s next and make sense of the numbers.

Get in touch today to find out what we can do to make your real estate goals a reality. Feel free to call: (702) 321-1763.

Helpful Links

Here are a few helpful links that may assist in your search for a Las Vegas home or condo:

• Las Vegas homes for sale
• Las Vegas condos for sale
• Homes in 55+ or retirement communities
• Las Vegas luxury homes
• Homes with a Casita
• New Construction homes for sale
• Homes in Golf Communities
• Homes with a Pool