Las Vegas Market Report - January 2022

Las Vegas Real Estate Demand & Prices - Up, Inventory - Down

 

Rewind back to December 2021, after a record-setting year, home and condo sales in Las Vegas finally showed signs of settling down. That trend has carried throughout January 2022 with a 1% increase in closed sales. New Listings continue to decline and Months Supply of Inventory sits at 0.8 (less than a month). This hasn't stopped the momentum for Average Sale Prices which are up 22.4% for Las Vegas homes and condos combined.

The overall Housing Affordability Index is down by -20.7% from 2021. In spite of this, the demand for real estate is huge, with listings remaining on the market an average of just 27 days. 

Las Vegas Single-Family Home Sales: January 2022

January 2022 Single-family home sales in the Las Vegas area are down just -3.6% from January 2021. A gradual start to the new year, but Average Sales Prices are up 23.9%. New Listings are also slow to appear, with less than 1 month of available inventory. The Average Days on Market is just 27. When a home is priced right, it's going quickly, often with multiple offers.

Las Vegas Condo & Townhome Sales: January 2022

The 2022 condo and townhome market in Las Vegas had a much more favorable start with Closed Sales 12.8% over January 2021. Average condo sale prices are up 22.3%, and as with houses, New Listings are down -8.8%. There is about half a month worth of inventory and Las Vegas condos are selling in an average of 21 days.

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