Las Vegas Housing Market: Are We Heading for a Crash?

Las Vegas Housing Market: Are We Heading for a Crash?

OCTOBER 2024

Hey everyone, welcome back to my channel for our October 2024 monthly market update! I’m here with Rob, and today we’re diving deep into the latest housing trends and numbers for September 2024 in the Las Vegas Valley. We’ve got a lot to talk about, so get comfortable!

First off, we’re seeing some interesting dynamics—while the median home price has remained stable, inventory levels are steadily rising month after month. More and more homes are being listed, and many of them are staying on the market for over 30 days. It raises a lot of questions: Are sellers pushing prices too high for the current market? What exactly is causing this influx of inventory? Could we be heading toward a housing market correction, or maybe even a crash? We’ll be sharing our insights and what we think is really going on in this crazy Las Vegas market.

But that’s not all! We’ll also be covering the latest new construction incentives from builders. If you’re looking at new builds, you won’t want to miss this part because there are some great deals out there right now. And of course, we’ll announce the winner of last month’s bet—because you know we love a little friendly competition!

So, stick with us as we break it all down and give you our expert analysis on what’s happening right now in the Las Vegas real estate scene. Let’s get started!”

MARKET TRENDS

There were 1,791 single-family houses that sold in September, down 16.2% from August and down 1.6% from September 2023.

The median sales price of previously owned single-family homes, went from $476,875 to $479,900 in September, a $3,025 median price increase which is up .6% from September and up 6.6% from September 2023.

So, from September 2023 to September 2024, we had a $29,900 median price increase in single-family homes.

In September 2024, the median price of previously owned single-family homes was at $479,900.

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

In September 2022, the median price of previously owned single-family homes was at $450,000.

In September 2021, the median price of previously owned single-family homes was at $406,500.

The median sales price of condos and townhomes for September increased to $299,500, which is up 2.6% from August and up 10.9% from the prior year.

So, from September 2023 to September 2024, we also had a $29,500 median price increase in condos/townhomes.

In September 2024, the median price of condos and townhomes was at $299,500.

In September 2023, the median price of condos and townhomes was at $270,000.
In September 2022, the median price of condos and townhomes was at $270,000.
In September 2021, the median price of condos and townhomes was at $230,000.

LUXURY MARKET – October 2024

There were 127 homes that sold in September for $1 million and over, compared to August 138 homes, 11 home decrease.

The median sales price in the Luxury Market for September increased to $1,475,791 and in August that number was $1,300,000. A $175,791 increase in the median sales price.

MARKET TRENDS

So, for September we had a total of 2,830 new listings, which is down 10.2% from August, but up 15.6% from the prior year.

There were also a total number of 5,458 single-family houses listed without offers in September, which is up 3.6% from the previous month and up 34.2% from the prior year.  In August there were a total of 5,268 single-family homes listed without offers.

September 2023 there were 4,066 single-family homes listed without offers, which is 1,392 less homes on the market last year compared to this year.

September 2022 there were 8,121 single-family homes listed without offers, which is 2,663 more homes on the market in 2022 compared to this year.

NEWS

Las Vegas’ housing market leads the entire country in one key metric: new home listings.

A new report from Redfin found that year over year up through the end of August, new listings rose most in the Las Vegas metro (12.8%), beating out San Diego (11.7%) and Sacramento (9.5%). New listings fell the most in Atlanta (-19.4%).

MARKET TRENDS

Which brings us to the housing supply in Southern Nevada, last month we are at 3 months of inventory on the market, which is up 23.7% from August and up 36.5% from the prior year.

September 2023 we were at 2.2 months of inventory on the market.

September 2022 we were at 4 months of inventory on the market.

61.5% of the closings for the month September was on the market 30 days or less, in August this number was at 66.8% and in September 2023, 68% of the homes were on the market 30 days or less.

NEW BUILDER INCENTIVES – October 2024

As we approach the end of the year, it’s shaping up to be an excellent time to invest in a move-in-ready, new construction home. While I mention this every year, the final quarter is typically when builders offer their best incentives and more favorable interest rates. Plus, they want to make their year-end numbers. With the forecasted decrease in rates by year-end, it’s likely that builders may reduce the generous incentives we’ve seen in previous years.

Many new construction communities are nearing completion, and this is where some of the best deals can be found. To make the most of these opportunities, you’ll want an experienced real estate agent who knows how to negotiate effectively with builders on your behalf.

Century Communities

Century Communities is having their Deals that Say WOW Event. Take the next step in your home buying journey with a 30-year fixed rate loan on select homes when financing with Century Communities affiliate lender, Inspire Home Loans. Get 4.25% interest rate for FHA and VH loans or 5.625% interest rate on a Conventional Loan.

FHA and VA rates are available only on the purchase of select Century Communities homes that contract and close on or before 11/29/2024. Conventional rate is available only on the purchase of select Century Communities homes signed and locked on or between 10/3/24 and 10/9/24.

Century Communities is the only builder that you have to buy your move-in ready home on-line. I highly suggest that you have an agent first to help you navigate through the process and to ensure you get the best deal possible.

Lennar Homes

Lennar Homes is having their Biggest Sale of the Year – Get mega savings our top homes while you still can. Promotional Conventional Loan Program with a Temporary Buydown Available with a rate of 2.99% in Year 1, 3.99% in Year 2, and 4.99% for years 3-30 – PLUS up to $8,000 towards closing costs!

Offers available on select move-in ready homes in the greater Las Vegas area if buyer signs a purchase agreement between 10/7/24 and 10/13/24 and close by 11/20/24. Offers require financing through Lennar Mortgage, LLC and is subject to borrower qualification.

Pulte

Pulte is offering limited time special financing on a 30-year fixed interest rate at 4.99% on select quick move-in ready homes when you finance through Pulte Mortgage and go under contract from now and close by 12/31/24.

Richmond American Homes

Richmond American is offering special 30-year, fixed-rate financing options —while funds last! Must be under contract by 10/13 to take advantage of these rates. You also have to use their preferred lender, Home American Mortgage Corporation to take advantage of these special interest rates.

Fixed Rate Close by 12/31/24

3.99% 30-year FHA fixed rate w/ 3.5% down

3.99% 30-year VA fixed rate w/ $0 down

4.75% 30-year Conventional fixed rate w/ 10% down

Taylor Morrison

Taylor Morrison is having their National Open House Event. They are offering a limited time fixed interest rate at 4.50% for a 30-year fixed mortgage on select quick move-in homes in the Las Vegas area.

Valid on new home contracts entered from now until 10/13/24 on all eligible Las Vegas area Quick Move-in Homes that close on or before 11/27/24 (“Promotion Period”).

ROB & ANG BETS – October 2024

MEDIAN SALES PRICE

Rob said $4,000 decrease*

Ang said $5,000 decrease

Actual # increased by $3,025

ROB won this one!

WITHOUT OFFERS

Rob said 6,450

Ang said 6,500

Actual # 5,458

ROB won this one!

MONTHS OF SUPPLY

Rob said 3 months

Ang said 2.8 months

Actual # 3 months

ANG won this one!

Las Vegas Realtors Report – October 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!

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