Las Vegas Market Report - September 2022

Posted by Las Vegas Homes By Leslie on Thursday, October 13th, 2022 at 2:51pm.

September 2022 real estate stats in Las Vegas NV

Las Vegas Sales Cool Amid Rising Costs

Las Vegas September 2022 stats summary 

September 2022 Stats Summary for Greater Las Vegas

As we approach Fall, the Las Vegas real estate market , and the U.S. market as a whole continues to slow down. rising prices and mortgage interest rates are impacting sales. Cost-of-living, even credit cards and auto loans have reached a multi-year high, and all of this combined has cooled home and condo buying activity.

Home and condo prices continue to inch upward, but not with tenacity that we've seen in earlier months. The market is showing signs of leveling off. Here are the stats for the overall Las Vegas real estate market, including homes, condos and townhomes for September 2022 and year to date.

Las Vegas real estate stats for September 2022

Las Vegas Single-Family Home Sales: September 2022

Single-family home sales for September, 2022 in the Las Vegas area are down -37.1% from September 2021. Average home prices are still climbing, up 9% since last year and 17.7% year to date. It's taking just over a month for homes to sell in Las Vegas, and sellers received 97.9% of their asking price, and 100.3% year to date. On hand inventory is on the rise, with 3.3 months supply.

We continue to have a high demand for Las Vegas homes with a casita or guest suite, and also homes with a pool.

Las Vegas stats for homes in September 2022

Las Vegas Condo & Townhome Sales: September 2022

Las Vegas Condo and Townhome sales in September, 2022 are down almost 40% since last September and -18.4% year to date. In spite of lagging sales, condo prices are up an average of 18.3% and 23.4% year to date. Sellers are getting an average of 97.8% of their asking price (100.6% year to date), and there is only about 2.8 months of inventory on hand.

We're still seeing a big demand for Las Vegas condo hotels. These are especially popular with out-of-town buyers. We've assembled a Condo Buyers' Guide of the top selling Las Vegas condos and townhomes. It's a great little tool for anyone considering a condo purchase in the Las Vegas area.

Las Vegas condo sales for September 2022

Current as of October 12, 2022. All data from Greater Las Vegas Association of REALTORS® MLS. Report © 2022 ShowingTime.


What's Building in Las Vegas?

Highlights of some of the featured projects and real estate news in the Las Vegas area for September 2022.

Iconic Tropicana Casino Sold

Bally's Corporation has completed their $148 million purchase of the Tropicana Hotel & Casino in Las Vegas. This is just for the building, they have secured a 50-year lease for the property at a cost of $10.5 million/year.

Sitting on 35-acres at the corner of Tropicana Boulevard and Las Vegas Boulevard, it includes 1,470 guest rooms, 50,000 square feet of casino space, a 1,200 seat theater and 100,000 square feet of convention space. The future fate of the Tropicana will probably be announced within the next 2 years. One thing is for certain, a major overhaul is in the cards.


A New Mormon Temple?

The Church of Jesus Christ of Latter-Day Saints will be building another Mormon temple in the northwest valley along with 18 new facilities in the Las Vegas area. With over 360 congregations in Nevada, Mormons make up almost 6% of Nevada's population.

Las Vegas Art's District Getting New Hybrid Hotel

Slated to be situated at 900 South Main Street, this hybrid hotel is just that. Six floors and 240 rooms, the hotel will cater to a variety of different lifestyles. There will be traditional hotel rooms, small studio apartments, hostel quarters for travelers. The hybrid hotel is a budding concept already seen throughout the U.S. and popular with young professionals on short-term assignments. It offers a similar concept to an Airbnb, a service that has been growing in demand.


M Resort Expansion in Henderson

Penn Entertainment, owners of the M Resort in Henderson is planning a new expansion to the tune of $206 million. The addition of a second hotel tower will add 384 rooms, bringing the total to 774 rooms, plus more meeting space and updated amenities. 


By Leslie Hoke, Las Vegas Realtor®

Las Vegas Homes By Leslie
8010 W Sahara Ave #150, Las Vegas, NV 89117
Direct: (702) 321-1763 Fax: (702) 224-2146
www.LasVegasHomesByLeslie.com
Premier Realty Group

License #S.0062628


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