Las Vegas Housing Market Trends: August 2024: More Homes, Less Cash

Increased Availability Kept Real Estate Prices Down in August

Improving availability kept home prices from hitting a new record high in August. Meanwhile, cash buyers were down 26 percent year over year, suggesting that interest rate movements will continue to have an impact on buyer scenarios. The good news, every market provides new opportunities for both buying and selling, as we discuss below.

The following report discusses these key points in relation to August housing trends in Las Vegas:

• August 2024 Single-Family Home Sales & Trends
• August 2024 Home & Condo Sales Volume
• Key Takeaways
• Here are the Opportunities!

Key Trends in the August Housing Market Report

Single-Family Home Sales & Trends - August 2024

For single-family homes in Las Vegas, there was nowhere to go but up in August, with availability, price and sales all headed in an upward direction. Condos and townhomes, however, saw the Number of Units Sold drop by 10.5 percent, while effective availability skyrocketed by 87.3 percent year over year to 2.9 months.

According to a market analysis from Las Vegas Realtors (LVR), increased availability stopped home prices from hitting a record high in August, with the Median Selling Price of existing single-family homes averaging $476,875, up 6.6 percent year over year but short of the $482,000 record set in May 2022.

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

Condo & Townhome Sales - August 2024

In August 2024, Condos and townhomes saw a Median Selling Price of $292,000, up just 1.7 percent from its August 2023 high of $287,000 and down from its all-time high of $296,000 set in July.

One of the most telling trends to come out of the August figures is the number of homes, condos and townhome units sitting on the market without any offers. By month’s end, 5,268 single-family homes and 1,640 condos and townhomes had been listed but had received no offers. That’s an increase of 35.7 percent and 67.7 percent respectively year over year.

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

Key Takeaways

According to LVR, existing single-family homes sold within 60 days at a rate of 86.5 percent in August, up slightly from 85.3 percent a year earlier. By contrast, the percentage of condos and townhomes sold within 60 days was 82.9 percent, down from 88.5 percent a year before.

Much of the ongoing increase in year-over-year sales can be attributed to a market rebound from 2023, the slowest year for existing Las Vegas home sales since 2008. This followed back-to-back record-setting years for existing home sales in 2021 and 2022, a response to the record-low interest rates and work-from-home availability of the pandemic era.

According to Fannie Mae economists, in the country at large, 2024 is shaping up to be the slowest year for existing home sales since 1995, with the potential for falling mortgage rates not expected to have much impact until 2025. This is due, in part, to the seasonality of real estate sales in many parts of the country.

Cash Buyers & Distressed Sales Remain Low

In August, cash transactions accounted for only 24.1 percent of all local property sales, down 26 percent year over year and far below the August 2013 peak of 59.5 percent. This suggests that the Las Vegas market is still being impacted by elevated interest rates and may benefit from anticipated reductions in mortgage rates in the years to come.

Distressed sales, encompassing short sales and foreclosures, remain near historically low levels in the Las Vegas market. In August, they accounted for a mere 0.6 percent of all existing home sales, down from 1.6 percent one year ago, up from 0.2 percent two years ago, and down from 2.1 percent five years ago.

The reduction in distressed sales is widely considered to be a result of pandemic-driven increases in home prices, improving equity levels for the majority of homeowners throughout the U.S. This allows financially struggling homeowners to tap into that equity in the form of home equity loans or HELOCs or to find buyers for their properties in a timely manner before resorting to a short sale or foreclosure.

Where Are the Opportunities in the Las Vegas Market?

While the Las Vegas market shares some of the challenges we’ve seen in the housing market nationally, it also offers exceptional possibilities and opportunities. Understanding the market and the sectors where opportunity can still be found allows you to adjust your wishlist as needed to find the right deal and craft an attractive, workable purchase offer.

• For buyers who are looking to enter the Las Vegas market, condos and townhomes continue to offer greater affordability and longer times on the market. That may mean more motivated sellers, especially if you’re looking specifically for a less updated property where you can add value through smart improvements and enhancements.

• Increased availability in this sector offers the opportunity to shop around for the right building, the right amenities and the right location for your purchase. If you’ve been considering a condo or townhome, make sure that you’re taking into account factors such as HOA fees and restrictions; rules regarding pets and shared spaces; proposed or scheduled building maintenance; differences in homeowners insurance rates; and lifestyle factors including noise levels, parking proximity and more.

• In terms of crafting an offer, the dearth of cash buyers may mean less competition from investors. That’s great news for hopeful buyers who were frustrated by uber-competitive bidding wars and multiple offer scenarios on previous attempts at a purchase. If you’ve taken some time off from your home search, this may be the time to jump back in with both feet.

• For those buyers who are planning to finance a purchase, improving interest rates offer an incentive to buy, but may have you wondering whether to stay on the fence and wait for the rates to drop even lower. Balance your desire for a deal with the fact that every interest rate drop will bring even more competition into a market that’s already stretched thin by low inventory, and the savings from reduced interest rates may be more than made up by increases in home prices.

• Buying now — while interest rates are down from their recent highs and the number of days on market has increased for both single-family homes and condos and townhomes — may provide a sweet spot between affordability and availability. Talk to Leslie about your inventory options and speak with multiple lenders to crunch the numbers on a variety of purchase scenarios to find the best possible deal on your financing.

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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