Las Vegas Housing Market Trends: June - July 2024

Your Essential Guide to Market Trends for Las Vegas Real Estate

Includes Condos, Townhomes and the Single-Family Housing Market

As we move toward fall, the Las Vegas real estate market has been heating up with some notable shifts. Our latest data, covering June and July 2024, paints a picture of a market that's showing signs of rebalancing while still maintaining strong seller advantages.

You may be familiar with the “lock-in effect” that has kept home prices high, frustrated first-time homebuyers, and limited current homeowners’ options for move-up purchases. The headline story in this summer’s data is a welcome improvement in inventory levels, offering hope for buyers who have been navigating those tight market conditions.

With just over two months of available inventory, we're seeing a slight easing of the intense competition that has characterized our market in recent years. However, it's important to note that this still firmly places us in seller's market territory, albeit with a bit more breathing room for potential buyers.

Adding to the complex market dynamics, we've observed increases in median home prices. This uptick suggests that despite the inventory improvements, demand for Las Vegas real estate remains robust, keeping upward pressure on home values.

The following report discusses the Las Vegas real estate market in relation to:

• June 2024 Home & Condo Prices
• July 2024 Home & Condo Sales Volume
• Days on Market
• Key Insights
• Supply & Demand
• Buyer & Seller Tips

Las Vegas Market Overview

Single-Family Home Prices - June 2024

June 2024 Sales for Las Vegas Single-family homes | Courtesy of Las Vegas REALTORSⓇ

One interesting feature of the June/July data is a gap between sold prices and new listing prices in the single-family home market. In June, new listings were priced at a median of $509,900, 7.3 percent higher than the previous year and significantly above the median sold price.

Sellers during this time were possibly overly optimistic about the market's potential, driven in part by the limited inventory of the previous months and years. However, the slight decrease in the median list price to $499,900 in July, while still 5.2 percent above last year, might indicate a subtle shift towards more realistic, market-driven pricing strategies as the market evolves.

Condo & Townhome Prices - June 2024

June 2024 Sales for Las Vegas Condos & Townhomes | Courtesy of Las Vegas REALTORSⓇ

The Las Vegas condo market and townhome market also shows strength, though the dynamics here are slightly different. June's median sold price of $295,000 represented a 7.3 percent year-over-year increase, with July showing even stronger growth at $296,000, up 8.2 percent from the previous year.

Median list prices for condos and townhomes are more closely aligned with sold prices than those in the single-family home market. This could suggest a more balanced market in this segment, and that condo and townhome with sellers' expectations are more in line with actual market conditions.

These figures paint a picture of a market that remains favorable to sellers, with substantial price appreciation across all housing types. The slight moderation in list price growth, particularly in the single-family home sector, may hint at a gradual move towards a more balanced market in the coming months.

However, projected rate cuts from the Federal Reserve in late 2024 may reignite buyer interest,drive down inventory, and ameliorate some of the price sensitivity caused by higher mortgage rates.

Sales Volume Has Decreased, Loosening Inventory

Shifts in sales volume and new listings, suggest that the Las Vegas real estate market is undergoing a transition. June 2024 saw a decrease in sales volume for both single-family homes and condos/townhomes, along with an increase in new listings. This trend suggests a potential rebalancing of the market, where supply is beginning to catch up with demand.

Among single-family homes, June 2024 showed 2,093 units sold, an 8.7 percent decrease year-over-year. This dip in sales was accompanied by a 7.7 percent increase in new listings, with 2,819 properties introduced into the market. This difference between sales and new listings could indicate a shift towards a more balanced market — one which may offer buyers more options and negotiating power.

The condo and townhome market mirrored this trend in June, with 605 units sold (a 6.3 percent year-over-year decrease); new listings increased by 11.4 percent to 828 units. This substantial increase in new listings relative to sales suggests growing inventory in this part of the market, potentially attracting first-time buyers or investors looking for more affordable options in the Las Vegas market.

Sales Volume for Single-Family-Homes - July 2024

July 2024 Sales for Las Vegas Single-family homes | Courtesy of Las Vegas REALTORSⓇ

July 2024 data, however, presents a different narrative, showing a rebound in sales volume alongside an even more significant surge in new listings. Single-family home sales increased by 5.1 percent year-over-year to 2,145 units, while new listings skyrocketed by 25.8 percent to 2,962. This dramatic increase in new listings, far outpacing the growth in sales, could signal a shifting seller sentiment, with more homeowners deciding to list their properties to capitalize on the still-robust price growth we've observed.

Sales Volume for Condos & Townhomes - July 2024

July 2024 Sales Volume for Las Vegas condos & townhomes | Courtesy of Las Vegas REALTORSⓇ

The condo and townhome market in July also saw positive movement in July, with sales up 1.5 percent year-over-year to 619 units and new listings climbing by 19.4 percent to 826. This significant increase in new listings compared to the modest rise in sales further underscores the trend of expanding inventory across all housing types.

For buyers, these figures suggest a more favorable market with expanded options across both single-family homes and condo/townhome sectors. An increasing number of new listings, particularly in July, could indicate that sellers are looking to capitalize on peak pricing while they can. For buyers, more inventory means more choice and potentially less competition, though continuing strong prices indicate that demand is still robust.

Days on Market are Still Low

The days on market (DOM) statistics for Las Vegas real estate in June and July 2024 reveal a market that remains relatively fast-paced, but with some interesting differences between single-family homes and condos/townhomes.

Days on Market for Single-Family Homes

For single-family homes, June 2024 showed impressive speed-to-sale metrics, with 71.6 percent of closings occurring within 30 days or less. This represents a slight improvement from the prior month (70.9 percent) and a significant increase from the previous year (65.5 percent). Such rapid turnover suggests a market still favors sellers, with buyers who are ready to move quickly on available properties.

July 2024 saw a minor hiccup in the single-family sector, with 69.9 percent of closings happening within 30 days. While this is down slightly from June, closings are still ahead of the previous year's figure of 68.7 percent. This minor month-over-month cooling could be attributed to the increased inventory previously noted, and  potentially giving buyers more options and slightly less urgency.

Condo Days on Market

The condo and townhome market tells a somewhat different story where, in June 2024, 61.5 percent of closings occurred within 30 days or less. This is lower than both the prior month (64.9 percent) and the previous year (65.9 percent), indicating a potential softening in this market segment.

July 2024 saw the condo/townhome market maintain a similar pace to June; 61.6 percent of closings happened within 30 days, which is consistent with the previous month. This represents a significant slowdown compared to the previous year's figure of 70.2 percent.

Such a year-over-year decrease in rapid sales could suggest a shift towards a more balanced market in the condo/townhome sector, possibly due to the substantial increase in new listings we observed earlier.

Several key insights emerge from this data:

1. The single-family home market is still hot, with a majority of properties selling quickly, though there are signs of a slight cooling as we moved from June to July.

2. The condo/townhome market is experiencing a somewhat more noticeable slowdown compared to the previous year, potentially offering opportunities for buyers and giving them more time to consider their options.

3. The divergence between single-family homes and condos/townhomes in terms of days on market could indicate differing supply-demand dynamics in these two sectors.

4. Despite the slight increases in days on market, especially for condos/townhomes, the fact that a majority of properties in both categories are still selling within 30 days indicates a generally healthy and active market.

These trends suggest that while the Las Vegas real estate market remains robust, it may be showing early signs of rebalancing, particularly in the condo/townhome sector. Buyers might find they have a bit more breathing room, especially when considering condos or townhomes, while sellers of single-family homes can still expect relatively quick sales if their properties are priced appropriately.

How Supply and Demand is Affecting Las Vegas Buyers and Sellers

The Las Vegas real estate market is showing signs of a subtle shift in the supply-demand balance, with some interesting dynamics playing out across different property types.

In the single-family home sector, we're seeing an increase in supply, with new listings up 7.7 percent year-over-year in June and a substantial 25.8 percent in July 2024. This increase in new inventory is outpacing the growth in sales, which saw a decline of 8.7 percent in June before rebounding with a 5.1 percent increase in July. This mismatch between supply growth and sales volume suggests that buyer demand, while still robust, isn't keeping pace with the influx of new listings.

The fact that more than 70 percent of single-family homes are still selling within 30 days indicates that demand remains strong, but the increasing inventory is providing more options for buyers and potentially easing some of the intense competition we've seen in recent years.

The condo and townhome market is experiencing an even more pronounced shift in supply dynamics. The significant boost in available units, coupled with a slower pace of sales compared to single-family homes, points to a market that may be moving towards more balanced conditions.

The decrease in the percentage of condos/townhomes selling within 30 days (from 65.9 percent last year to 61.5 percent in June 2024) further supports this trend, suggesting that buyers in this segment may have more time and options to consider their purchases.

Despite these shifts in supply, consistent year-over-year price increases across both property types indicate that demand remains fundamentally strong. The Las Vegas market appears to be in a transitional phase, where increasing inventory is providing some relief to buyers, but is not yet reversing price trends. This delicate balance suggests a market that's gradually moving towards equilibrium, offering potential opportunities for both buyers and sellers as we progress through 2024.

Ready to Buy or Sell a Home in Las Vegas?

Here are Some Buyer & Seller Tips to Make the Process Go Smoother

Las Vegas Home Buyer Tips

• Take advantage of increased inventory: With more properties hitting the market,buyers have more options. Take time to explore different neighborhoods and property types to find the one that’s right for you.
• Be prepared to act quickly on desirable properties: Despite increasing inventory, many homes are still selling within 30 days. Have your financing in order, including mortgage pre-approval, and be ready to make a competitive offer when you find the right property.
• Consider condos and townhomes: With signs of softening in this segment, you might find better deals or more negotiating power
• Watch for price adjustments: Increased inventory means some sellers might need to adjust their prices to stay competitive. Keep an eye out for price reductions, especially on properties that have been on the market for more than 30 days.
• Don't expect major price drops: While the market is showing signs of balancing, prices are still increasing year-over-year. Be realistic with your budget and wishlist.

Las Vegas Home Seller Tips

• Price strategically: There’s more competition from other sellers, especially in the single-family home market, so it's crucial to price your property correctly from the start. Work with your agent to analyze comparable recent sales.
• Highlight your property's unique features: In a market with more options for buyers, make sure your property stands out. Consider professional staging and high-quality photography.
• Be prepared for a potentially longer sale process: While many properties are still selling quickly, the increase in inventory means some homes may take longer to sell. Be patient and be prepared to adjust your strategy as needed.
• Be open to negotiations: When buyers have more options, they often feel more empowered to negotiate. Be prepared to be flexible, especially if it has been more than 30 days since your property was listed.
• Ensure your property is move-in ready: In a market with more options, buyers may be less willing to take on properties that need work. Consider making needed cosmetic updates or back-of-wall repairs to make your property more attractive.

Buying or Selling, We're Here to Help

Whether you’re a buyer who needs help navigating the market, a seller who’s ready to get the most you can out of your largest investment, or a seller looking to tap into your newfound equity to move up, you’ll need guidance from Las Vegas’ favorite real estate agent. Leslie Hoke has been delighting Las Vegas buyers and sellers since 2004. Dozens of happy clients have benefited from her expertise and careful attention.

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

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