Las Vegas Market Trends for 2020

2020 was a tumultuous year for real estate in Las Vegas as we hopped on the Covid roller coaster and hung on for our lives. There were sharp declines in March of 2020, but thankfully by late summer the market started to recover, and the year ended on a high note. Interest rates were too favorable to ignore and home and condo prices continued to increase. Eventually, buyers loosened their grip and re-entered the market. Hopefully, these signs of recovery will carry us well into the new year.

The following reports feature the Las Vegas market trends for single-family homes, condos and townhomes from 2019/2020:

2020 Las Vegas Single-Family Home Sales Highlights

A Research Tool Provided by the Greater Las Vegas Association of REALTORS®

In December single-family home sales in Las Vegas ended on a high note with a 22.4% increase compared to December 2019. Overall the market ended on par for the year (-.2%). Average sale prices for Las Vegas homes were $395,763 (+10.6%), and sellers received 98.6% of their asking price. We had just under half the inventory of homes compared to 2019 with Months Supply sitting at 1.4. Homes are selling quickly, an average of 34 days.

2020 Las Vegas Condo & Townhome Sales Highlights

A Research Tool Provided by the Greater Las Vegas Association of REALTORS®

Closed Sales for townhomes and condos in Las Vegas were up 26% in December. This was down -8.6% year to year, but shows nice signs of recovery. Average condo prices were up 6.9% and sellers received an average of 97.8% of their asking price.  At year end there was only 2.1 months of inventory left with condos selling in an average of 45 days.

Get even more in the know with these informative reports on the Top Master-Planned Communities - complete with pricing, and a complete Clark County Tax Rate Report for 2021.

Las Vegas Top Selling Master-Planned Communities in 2020

Clark County Tax Rates for 2018-2021