Las Vegas Real Estate Market Update – August 2024

The Las Vegas real estate market in August 2024 continued to reflect dynamic trends across various property types, highlighting both opportunities and challenges for buyers and sellers alike. Below, we'll break down key statistics from the market performance and what they might mean for you.

Single Family Residences (SFR)

Single Family Residences (SFR) dominated the market, with 3,406 listings taken and 2,163 closed units. This represents a solid portion of the total market activity, showcasing the continued demand for detached homes in Las Vegas.

• Median List Price: $550,000
• Average List Price: $932,719
• Median Sold Price: $479,000
• Average Sold Price: $575,141
• Months of Inventory: 3.2 months

The average Days on Market (CDOM) for SFRs sits at 34 days, with a 38.3% absorption rate, meaning over a third of the listed inventory is sold within a 30-day period. This reflects a fairly balanced market, but the slight edge goes to sellers due to the limited months of inventory.

Condos and Townhomes (CON/TWH)

Condos and townhomes also saw significant activity with 575 closed units, slightly underperforming the pending units. These units are especially attractive to first-time homebuyers and investors.

• Median List Price: $285,000
• Average List Price: $354,393
• Median Sold Price: $293,000
• Average Sold Price: $308,004
• Months of Inventory: 4.1 months

With an absorption rate of 33.3%, the condo/townhome segment is moving quickly but has slightly more inventory pressure compared to SFRs. These properties have a 39-day average CDOM, which is relatively quick, indicating demand.

Total Residential Market Overview

For the total residential market, which includes both SFR and CON/TWH:

• Closed Units: 2,738
• Median Sold Price: $440,000
• Average Sold Price: $519,040
• Absorption Rate: 37.1%
• CDOM: 36 days

Hi-Rise and Luxury Market

The Hi-Rise segment is experiencing slower movement, with 65 closed units and a median sold price of $425,000. Properties in this category linger longer, with an average CDOM of 78 days and a 13.3% absorption rate—much slower than other segments.

Meanwhile, the Luxury Sales segment (properties valued over $1M) continues to perform well, boasting 149 closed units:

• Median List Price: $1,799,000
• Average Sold Price: $2,122,451
• Absorption Rate: 2.1%
• Months of Inventory: 7.7 months

The luxury market is highly competitive with low absorption but has maintained a 61-day average CDOM, showing properties at this price point are finding buyers, albeit at a more patient pace.

Multiple Dwelling and Vacant Land

The Multiple Dwelling segment posted 39 closed units with a median sold price of $623,500. These properties are typically geared toward investors, and the market shows a balanced inventory, with 6.7 months of supply.

Vacant Land saw 154 closed units and a median sold price of $60,000. With a 179-day CDOM, this segment is moving the slowest, but it’s important for future developments and investors looking for longer-term investments.

Market Summary

In summary, the Las Vegas real estate market remains robust across multiple segments, but there are clear distinctions in performance:

• SFR and CON/TWH properties are moving quickly, with balanced to seller-favored markets.
• Hi-Rise and Luxury properties are experiencing slower movement but maintaining strong list-to-sale price ratios.
• Investors and developers are still engaged in vacant land, though the market shows some signs of cooling.

As we progress into the latter part of 2024, the Las Vegas market will likely continue evolving with economic factors, interest rates, and inventory levels playing crucial roles. Whether you're looking to buy, sell, or invest, staying informed on market trends is key to making smart real estate decisions.

Feel free to reach out if you have any questions or need specific insights on navigating this dynamic real estate landscape!

Disclaimer: All data is based on the August 2024 report from Equity Title of Nevada and reflects market conditions as of that date.

Paul Spaulding

Paul Spaulding is a seasoned real estate professional based in Nevada, with a license dating back to 1989. His significant contributions to the real estate industry are highlighted by his leadership r....