Las Vegas Market Report - February 2022

February Market Trends Continue: Higher Prices & High Demand

 

Las Vegas real estate sales in February 2022 continues trend of high prices and high demand.

The number of closed sales have held their own in February, trending down slightly (-7.6%) from February 2021. Average sales prices continue to rise (up 19% from 2021) and properties are remaining on the market just an average of 23 days. New inventory continues to be a challenge with new listings down -5.3% since last year, but just -1.7% year-to-date. The demand for new inventory continues to be strong - it's a seller's market out there.

Las Vegas Single-Family Home Sales: February 2022

February 2022 Single-family home sales in the Las Vegas area are down just -9.6% from February 2021. While the demand remains high, lower sales are due more to shortage of inventory, less than 1 months supply, and increasing prices (up 20.2%). Homes in Las Vegas are only remaining on the market an average of 23 days before being sold.

Las Vegas Condo & Townhome Sales: February 2022

The February 2022 condo and townhome market in Las Vegas is also down slightly, -8% from February 2021. New listings are coming gradually, but there is only about 2 weeks worth of inventory (-73.7%). There is a huge demand for condos and townhomes in the Greater Las Vegas area, with listings only remaining an average of 18 days before going under contract.

Current as of March 2, 2022. All data from Greater Las Vegas Association of REALTORS® MLS. Report © 2022 ShowingTime.