Las Vegas Home Prices Near Record High – August 2024

Las Vegas Home Prices Near Record High – August 2024

Join Rob and me live on YouTube as we dive deep into the latest developments in the Las Vegas housing market. In this session, we’ll discuss the recent surge in median sales prices for July and the continuous rise over the last six months. Despite these price increases, our housing inventory is also climbing. What does this mean for the market as we move into the fall season? Will the inventory keep growing?

Additionally, we’ll be discussing the recent NAR settlement and its implications for buyers and sellers in today’s market. How will this affect your experience when buying or selling a home?

Tune in to hear our insights on where the Las Vegas housing market might be headed for the rest of the year. Plus, find out who won last month’s bet between Rob and me! Don’t miss out—hit that subscribe button and join the conversation!

MARKET TRENDS

There were 2,145 single-family houses that sold in July, up 2.5% from June and up 5.1% from July 2023.

The median sales price of previously owned single-family homes, went from $475,000 to $480,000 in July, a $5,000 median price increase which is up 1.1% from June and up 6.7% from July 2023.

May 2022 is when we hit the peak of the market at $482,000, we are only $2,000 away from the peak of the market.

So, from July 2023 to July 2024, we had a $30,000 median price increase in single-family homes.

In July 2024, the median price of previously owned single-family homes was at $480,000.

In July 2023, the median price of previously owned single-family homes was at $450,000.

In July 2022, the median price of previously owned single-family homes was at $465,000.

In July 2021, the median price of previously owned single-family homes was at $405,000.

The median sales price of condos and townhomes for July increase to $296,000, which is up .3% from June and up 8.2% from the prior year.

So, from July 2023 to July 2024, we also had a $22,500 median price increase in condos/townhomes.

In July 2023, the median price of condos and townhomes was at $273,500.
In July 2022, the median price of condos and townhomes was at $271,800.
In July 2021, the median price of condos and townhomes was at $224,250.

LUXURY MARKET

There were 158 homes that sold in July for $1 million and over, compared to June’s 136 homes, 22 home increase.

The median sales price in the Luxury Market for July decreased to $1,456,000 and in June that number was $1,482,347. A $26,347 decrease in the median sales price.

MARKET TRENDS

So, for July we had a total of 2,862 new listings, which is up 5.1% from June and up 25.8% from the prior year.

There were also a total number of 4,634 single-family houses listed without offers in July, which is up 12.6% from the previous month and up 31.5% from the prior year.

July 2023 we were at 3,524 single-family homes that were listed without offers, which is 1,110 less homes on the market last year compared to this year.

MARKET TRENDS

Which brings us to the housing supply in Southern Nevada, last month we are at 2.2 months of inventory on the market, which is up 9% from June and up 25.1% from the prior year. July 2023 we were at 1.7 months of inventory.

69.9% of the closings for the month July was on the market 30 days or less, in June this number was at 71.6% and in July 2023, 68.7% of the homes were on the market 30 days or less.

INFORMATION

Close to 30% of the homes for sale in the Las Vegas Valley have been on the market for more than a month. There are more listings hitting the market, but a lot of them aren’t in good condition or they’re not in a desirable neighborhood, and sellers are pricing unrealistically high.

A lot of sellers are willing to let their home sit on the market until they get the price they want, and a lot of buyers aren’t willing to pay sky-high prices when mortgage rates are still high.

More affordable homes in popular neighborhoods and luxury homes that are “priced fairly” are still getting multiple offers and selling quickly. Las Vegas also has the biggest year over year increase of new listings on the market for any major metro at 17.5%, beating San Jose at 17.3%.

July was the fifth straight month in which the portion of homes sitting on the market for at least one month ticked up on a year-over-year basis. Less-desirable listings are sitting on the market, causing unsold inventory to pile up.

The median amount of days a home typically sits on the market in the valley is 37 days, a 3% drop year-over-year.

More than a quarter (27%) of the homes sold in the valley are selling above the initial listing price, a 2.4% increase year-over-year, while 24.9% of the homes sold have dropped their prices, a 2.3% increase from June 2023. The average home in the valley sells for about 1% below its initial list price.

NAR SETTLEMENT – AUGUST 2024

SELLERS

Here is what the NAR Settlement means to Home Sellers:

• Compensation for your agent remains fully negotiable and will be negotiated in the new listing agreement.
• Sellers still have the choice of offering compensation to buyer brokers and that it may be in the sellers’ best interest to pay for buyers’ commissions. Doing so attracts more buyers to their property, just like setting an accurate list price. But your agent cannot include it on a Multiple Listing Service (MLS)—MLSs are local marketplaces used by both buyer brokers and listing brokers to share information about properties for sale.
• Going forward in the new purchase agreement the buyer’s agent will offer to the sellers in advance of any payment or agreement to pay another broker acting for buyers, and must specify the amount or rate of such payment. This is also negotiable.
• Your agent can advertise your listing via off-MLS platforms such as social media, flyers and websites.
• You as the seller can still offer buyer concessions on an MLS (for example, concessions for buyer closing costs).

BUYERS

Here is what the NAR Settlement means to Home Buyers:

• Buyer’s will now have to sign a written Buyer Brokerage Agreement with their agent before touring a home either in person or live virtual home tours.
• Before signing an agreement, they should ensure it reflects the terms they negotiated with their agent and that they understand exactly what services and value will be provided, as well as for how much and for how long this agreement will last.
• Broker fees and commissions are fully negotiable and not set by law.
• Buyer has to work exclusively with Broker and not with any other Broker during the terms of this agreement.
• You do not need a written agreement if you are just speaking to an agent at an open house or asking them about their services.
• The seller may agree to offer compensation to your agent. This practice is permitted but the offer cannot be shared on a Multiple Listing Service (MLS)
• You can still accept concessions from the seller, such as offers to pay your closing costs.

ROB & ANG BETS – AUGUST 2024

MEDIAN SALES PRICE

Rob said FLAT

Ang said $2,000 decrease

Actual # increased by $5,000

ROB won this one!

WITHOUT OFFERS

Rob said 4,400

Ang said 4,300

Actual # 4,634

ROB won this one!

MONTHS OF SUPPLY

Rob said 2.2 months

Ang said 2.3 months

Actual # 2.2 months

ROB won this one!

LAS VEGAS REALTORS REPORTS – AUGUST 2024

If you’re considering buying a home in the Las Vegas Valley, please don’t hesitate to reach out to me. I’ll get back to you personally and promptly. Thanks for visiting!

Subscribe to our YouTube Channel: http://bit.ly/YouTubeAOHare

Angela O’Hare
Favorite Las Vegas Realtor
Home Realty Center
Lic. #180246
702-370-5112
[email protected]
www.neighborhoodsinlasvegas.com