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Las Vegas Housing Market Update – February 2024

Las Vegas Market Update

Las Vegas Housing Market Update – February 2024

 

Welcome to the February 2024 issue of our monthly market update for Southern Nevada. In this issue we will be going over January 2024 numbers.

 

In this comprehensive update on the Las Vegas housing market, Rob and I will delve into the latest figures that have taken industry experts by surprise, particularly focusing on the unexpected movements in the median price for January 2023. We’ll explore what these trends indicate for the future of the Las Vegas housing landscape, shedding light on both the opportunities and challenges that prospective buyers and sellers might face in the coming months.

 

Additionally, we will provide a thorough rundown of the most attractive new construction builder incentives available for February. This segment is essential for anyone considering investing in new properties, as we’ll highlight the deals and offers that stand out in the current market, potentially leading to significant savings and benefits for early birds.

 

And, of course, we can’t forget the much-anticipated reveal of who won last month’s bets between Ang and Rob. This friendly competition adds a personal touch to our market analysis, and we’re excited to share the results with our audience. Whether you’re siding with Ang or Rob, the outcome is sure to bring a mix of predictions and insights into our discussions on the Las Vegas housing market.

 

There was a total of 29,069 sales of homes, condos and townhomes last year in Southern Nevada, which was down from 2022 (35,584). That followed a record-breaking year for real estate sales in 2021 when 50,010 sales took place in Southern Nevada.

 

MARKET TRENDS

There were 1,479 single-family houses that sold in January, down 2.6% from December, but up 11.6% from January 2023 

 

The median sales price of previously owned single-family homes, dropped by $4,900 and went from $449,900 to $445,000 in January, which is down 1.1% from December, but up 4.7% from January 2023.

 

So, from January 2023 to January 2024, we had a $20,000 median price increase in single-family homes.

 

In January 2024, the median price of previously owned single-family homes was at $445,000.

In January 2023, the median price of previously owned single-family homes was at $425,000.

In January 2022, the median price of previously owned single-family homes was at $435,000.

In January 2021, the median price of previously owned single-family homes was at $345,000.

 

The median sales price of condos and townhomes for January increased by $5,000 to $275,000, which is up 1.9% from December and up 7.8% from the prior year.

 

So, from January 2023 to January 2024, we also had a $20,000 median price increase in condos/townhomes.

 

In January 2024, the median price of condos and townhomes was at $275,000.

In January 2023, the median price of condos and townhomes was at $255,000.
In January 2022, the median price of condos and townhomes was at $243,000.
In January 2021, the median price of condos and townhomes was at $193,000.

Market Update

 

LUXURY MARKET

There were 91 homes that sold in January for $1 million and over, compared to December’s 92 homes, 1 home decrease.

 

The median sales price in the Luxury Market for January increased to $1,500,000 and in December that number was $1,452,500. A $47,500 increase in the median sales price.

 

MARKET TRENDS

So, for January we had a total of 2,432 new listings, which is up 62.1% from December, but down 1.8% from the prior year.

 

There were also a total number of 3,551 single-family houses listed without offers in January, which is down 5.7% from the previous month and down 34.8% from the prior year.

 

January 2023 there were 5,450 single-family homes listed without offers.

Market Update

 

MARKET TRENDS

Which brings us to the housing supply in Southern Nevada, last month we are at 2.4 months of inventory on the market, which is down 3.2% from December and down 41.6% from the prior year.

 

January 2023 there were 4.1 months of inventory on the market.

 

52.5% of the closings for the month January was on the market 30 days or less, in December this number was at 57.6% and in January 2023 38.5% of the homes were on the market 30 days or less.

Market Update

 

NEW BUILDER INCENTIVES

Century Communities

Century Communities is having their DON’T.MISS.OUT. Event. Win BIG with a 30-year fixed rate loan on select homes when financing with Century Communities affiliate lender, Inspire Home Loans. Get 5.5% interest rate for FHA and VH loans or get 6.375% interest rate with a conventional loan.

Available only on the purchase of a Century or Century Complete home for contracts signed and interest rate locked between now and 02/14/2024 and that close on or before 02/29/2024

 

KB Homes

For a limited time opportunity, finance your new KB home through KBHS Home Loans and get a 5.875% 30-year fixed interest rate on a move-in ready home that closes by 3/31/24. Or get a 5.875% 30-Year Fixed interest rate on a personalized home that closes by 9/30/24.

 

Lennar Homes

Lennar is offering 5.5% 30-year fixed interest rates plus $6,000 towards non-recurring closing costs.

 

Pulte

Pulte is offering limited time special interest rate offer on a 30-year fixed rate at 4.99% interest rate on a Conventional Loan ONLY, with a minimum of 20% down for their quick move-in homes when you use their in-house lender. Offer available only on certain inventory homes that contract after 1/22/24 and close by 3/31/24.

 

Richmond American Homes

Richmond American is offering special financing options— while funds last. Plus, an additional $10,000 in closing cost assistance is available with select homes that close by 3/29/24, offer ends 2/11/24. Must use their preferred lender, Home American Mortgage Corporation to take advantage of these special interest rates.

Fixed Rate Close by 3/29/24, Under Contract by 2/11/24

4.99% 30-year FHA fixed rate w/ 3.5% down

4.99% 30-year VA fixed rate w/ $0 down

5.375% 30-year Conventional fixed rate w/ 10% down

 

Taylor Morrison

Taylor Morrison is offering a limited time fixed interest rate at 5.49% 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 2/29/24 on all eligible Las Vegas area Quick Move-in Homes that close on or before 3/29/24 (“Promotion Period”).

 

Toll Brothers

Toll Brothers is having their National Sales Event from now until 2/11/24, no other information has been disclosed as to what entails in this event.

 

Tri Pointe Homes

During Tri Pointe’s Unlock Opportunity event, turn your dream home into your new home—with limited-time savings you won’t want to miss.

VA 30-Year Fixed 2-1 Buydown with $0 Down Payment

During Tri Pointe’s limited-time event, take advantage of VA 30 year fixed 2-1 buydown financing on select move-in ready homes*. Year 1 get 3.875% interest rate, Year 2 get 4.875% interest rate, and years 3-30 get 5.875% fixed 30-year interest rate. (Arrow Peak & Azure Park)

Conventional 30-Year Fixed 2-1 Buydown

During Tri Pointe’s limited-time event, take advantage of Conventional 30 year fixed 2-1 buydown financing on select move-in ready homes*. Year 1 get 3.99% interest rate, Year 2 get 4.99% interest rate, and years 3-30 get 5.99% fixed 30-year interest rate. (Arden, Capri, Highview, & Inspirada)

$30,000 in Design Studio Credit

During Tri Pointe Homes limited-time event, take advantage of up to $30,000 in Design Studio credit on select move-in ready homes. (Citrine)

To receive the incentive, you must enter into a purchase for an eligible homesite by 5/31/24 and close by 7/26/24. Incentive applied upon closing.

 

Woodside Homes

Woodside Homes is having their SAVE THE RATE EVENT – Now and for a limited time, you can receive up to $20,000** to put towards closing costs, a rate buydown, and select options and upgrades when you close on a new home from our designer-curated Move In-Ready Collection.

Valid only on new home contracts entered into by buyer and accepted by Woodside Homes from now until 3/10/2024 for select Move-in Ready Collection (“MIRC”) homes that close on or before 3/29/2024.

 

ROB & ANG BETS

MEDIAN SALES PRICE

Rob said $1 decrease

Ang said FLAT

Actual # $445,000

Ang won this one!

 

WITHOUT OFFERS

Rob said 3,700

Ang said 3,701

Actual # 3,551

Rob won this one!

 

MONTHS OF SUPPLY

Rob said 2.5 months

Ang said 2.4 months

Actual # 2.4 months

Ang won this one!

 

LAS VEGAS REALTORS REPORT: https://bit.ly/3w9OmeM

 

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