Las Vegas Housing Trends Explained & Our Predictions Going Foward

The Ultimate Guide to Las Vegas Housing Market Trends Spring 2023-2024

Whether you’re interested in buying a home in Las Vegas or selling your current property, it’s a good idea to familiarize yourself with the state of the Spring 2024 real estate market before getting started. With that in mind, we’ve brought you a closer look at how the Las Vegas market is currently fairing, as well as how these metrics and some key economic factors will shape real estate activity going forward. Keep reading to learn more.

How is the Las Vegas housing market doing currently?

Key metrics point to the fact that the Las Vegas April housing market is currently experiencing a flurry of activity, even across multiple types of housing. Let’s take a look at how single-family homes sales are performing, as well as how those numbers compare to the condo and townhome segment.

Las Vegas Single-family Homes

In April 2024, Las Vegas single-family homes have experienced much higher-than-usual levels of activity, according to the Monthly Housing Update provided by Las Vegas Realtors^Ⓡ. A total of 2,339 transactions took place, which represents 12.3% growth from March and a staggering 19.2% uptick year-over-year. 

The median sale price for these properties has also been climbing steadily. It now sits at $469,000, which is up 0.9% since March and 9.1% from the previous year. Those percentages equate to a $42,679 increase in price since April 2023.

What’s more, these listings are moving fast. The report shows that 68.5% of properties closed were on the market for 30 days or less, compared to just 62.5% the prior month and 53.6% the prior year.

Las Vegas Condos and Townhomes

For their part, although the total number of transactions is much smaller than in the single-family home market, the April Las Vegas condo market and townhome market are experiencing a similar trajectory. According to the LVR Report, 621 transactions took place in April 2024. This number represents a 5.3% growth month-over-month and 16.1% growth since April 2023.

Median condo sale price is currently sitting at $290,000. While that figure shows a modest 2.7% increase since March 2024, and a long-term outlook, prices are up 7.4% year-over-year, which equates to a $21,460 increase since April of last year.

Additionally, while condos and townhomes generally tend to move slower than their single-family counterparts, time on market for these types of listings is still on the rise. Currently, 66.2% of closed properties were on the market for 30 days or less, which shows growth both month-over-month and year-over-year. This metric is up from just 56.3% in March 2024 and 58.1% in April 2023.

Available Listings and Market Inventory

April also brought plenty of new listings onto the Las Vegas market. On the single-family home side, there were 2,874 more units added, showing a 5.5% upswing from last month and a 17.3% increase from the prior year. Meanwhile, on the condo and townhome side, there were 866 new units listed, which shows 0.2% growth from March and 23.0% growth year-over-year.

However, this flurry of activity has understandably dwindled available inventory. The single-family home segment has just 1.5 months of inventory available at the moment while the condo and townhouse market shows 2.0 months. Both figures lag behind the national average of 3.5 months, as reported in the National Association of Realtors (NAR)' most recent Existing Home Sales Report.

Download PDF of Las Vegas RealtorsⓇ Housing Update for April

Las Vegas Market Predictions for 2024/2025

Now that you know more about where the Las Vegas housing market currently stands, let’s take a look at where it could be headed within the next year.

Economic Factors Driving This Forecast

Before we can delve into where the Las Vegas real estate market is headed, it’s important to consider the economic factors that are driving movement. In this case, one strong factor is population growth. Data from Las Vegas Realtors^Ⓡ estimates that there are 8.2 new residents moving to Southern Nevada every hour.

Fortunately, that growth is bolstered by strong growth in employment. As reported by the Las Vegas Metropolitan Statistical Area (MSA) saw 6.3% growth year-over-year in employment overall from January 2022 to January 2023. Unsurprisingly, the Leisure & Hospitality sector experienced the largest net growth, adding 25,300. However, the Construction sector was not far behind, with 8,000 jobs added.

Las Vegas Housing Market Predictions

Although the added jobs in the Construction sector may point to signs of eventual new inventory, the lack of current inventory as well as the median price growth and decreased time on market all indicate strong levels of demand for existing properties.

If these trends continue, buyers should be prepared to face a tough market going forward. In this case, it’s likely that you’ll continue to see many buyers competing for fewer available properties, with home prices continuing to escalate. This should hold true regardless of whether you’re looking to purchase a single-family home, townhome, or condo. However, the price escalation may be slightly less in the latter two cases.

Interest rates also needs to be addressed in this report. All we need is a small sign that rates are dropping and I predict we’ll see a huge influx in the market. This too, could lead to higher prices.

Price Disparity - Sellers Be Warned

That said, before any sellers get too excited, it’s worth mentioning that there is a disparity between the median list price and median sale price for single-family homes. The median list price of these homes was $498,894 in April 2024 compared to a median sale price of just $469,000. This could indicate that sellers of these properties would be better served listing their homes lower than anticipated in order to decrease time on market and increase the chances of a bidding war.

Notably, there was no such disparity among condo and townhome pricing, which means the sellers of these properties can expect to see a sale price that is very close to their property’s listed value.

Ready to take the next step? Contact us today.

Whether you’re a buyer who likely needs help navigating a challenging market or a seller who’s ready to get the most you can out of your largest asset, you’re going to need some guidance that only a seasoned real estate agent can provide. Leslie Hoke has been selling homes and assisting home buyers in Las Vegas since 2004. Dozens of happy clients have benefited from her expertise and careful attention.

Get in touch with us today to discuss how we can help you get started with your next move. Feel free to call: (702) 321-1763

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