Las Vegas Housing Market Update – July 2024

Las Vegas Housing Market Update – July 2024

Join Rob and me live on YouTube as we dive into the latest developments in the Las Vegas housing market for July 2024. While June saw an increase in the median sales price and a consistent rise over the past five months, total sales were down, and the number of new listings hitting the market decreased. As a result, our inventory is now on the rise. But what does this mean for the future? Will inventory continue to climb as we head into the fall season? Are home prices set to drop?

Tune in to hear our thoughts on where the Las Vegas housing market is headed for the remainder of the year. Plus, find out who won last month’s bets between Rob and me! Don’t miss out on this insightful and engaging discussion. See you there!

MARKET TRENDS

There were 2,093 single-family houses that sold in June, down 2.7% from May and down 8.7% from June 2023.

The median sales price of previously owned single-family homes, went from $473,000 to $475,000 in June, a $2,000 median price increase which is up .4% from May and up 7.7% from June 2023.

So, from June 2023 to June 2024, we had a $34,010 median price increase in single-family homes.

In June 2024, the median price of previously owned single-family homes was at $475,000.

In June 2023, the median price of previously owned single-family homes was at $440,990.

In June 2022, the median price of previously owned single-family homes was at $480,000.

In June 2021, the median price of previously owned single-family homes was at $395,000.

The median sales price of condos and townhomes for June remained the same at $295,000, which is flat from May, but up 7.3% from the prior year.

This is another record high, which broke the all-time high set in August 2022, when the average condo/townhome sold for $287,000.

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

In June 2023, the median price of condos and townhomes was at $275,000.
In June 2022, the median price of condos and townhomes was at $280,000.
In June 2021, the median price of condos and townhomes was at $216,000.

LUXURY MARKET

There were 136 homes that sold in June for $1 million and over, compared to May’s 160 homes, 24 home decrease.

The median sales price in the Luxury Market for June increased to $1,482,347 and in May that number was $1,405,000. A $77,347 increase in the median sales price.

MARKET TRENDS

So, for June we had a total of 2,819 new listings, which is down 9.7% from May, but up 7.7% from the prior year.

There were also a total number of 4,114 single-family houses listed without offers in June, which is up 6.3% from the previous month and up 11.8% from the prior year. Last month in May we had 3,869 single-family homes listed without offers.

MARKET TRENDS

Which brings us to the housing supply in Southern Nevada, last month we are at 2 months of inventory on the market, which is up 22% from May and up 22.5% from the prior year. May we were at 1.6 months of inventory.

71.6% of the closings for the month June was on the market 30 days or less, in May this number was at 70.9% and in June 2023, 65.5% of the homes were on the market 30 days or less.

INTERESTING INFORMATION

Cash transactions for homes continued to climb as well in Southern Nevada as 26.6% of all local property sales were all cash, up from 25.1% a year earlier, but still far off from the record high that was set back in 2013 (59.5%).

Many homeowners are hesitant to leave the homes they are currently in, and more importantly, give up the ultra-low interest rate they nabbed during the pandemic. Analysts said this “locking” phenomenon is a country-wide issue, and has pushed the entire nation into a housing crisis.

Las Vegas finds itself in the middle of a housing crisis as Nevada is short more than 78,000 affordable rental units for extremely low income renters, according to estimates from the National Low Income Housing Coalition. Plus, the valley is landlocked with 88% of Clark County alone controlled by the federal government.

A Las Vegas research firm report estimates the Las Vegas Valley could run out of land to build houses in as little as eight years, causing some industry leaders to support a federal lands bill to make more desert land available for development.

NEW CONSTRUCTION – July 2024

With limited inventory on the resale side, buyers are turning to new construction homes. Especially since a lot of builders are offering interest rate incentives on their move-in ready homes.

The Southern Nevada Home Builders Association estimates the region will end 2024 with 11,500 permits pulled for new home construction in the region, and new home sales are up roughly 8% from this time last year. In 2023, 10,442 homes were built in Southern Nevada and 11,106 homes were built in 2022.

In 2023, new home sales made up 25% of the residential sales market, and the last time that figure was that high was in 2008 at 24%. Resale home sales also hit their lowest rate last year (30,480) since 2007 when 23,956 existing residential properties were sold in the region, according to data compiled by Applied Analysis.

ROB & ANG BETS

MEDIAN SALES PRICE

Rob said $3,500

Ang said $4,000

Actual # increased by $2,000

ROB won this one!

WITHOUT OFFERS

Rob said 4,200

Ang said 4,000

Actual # 4,114

ROB won this one!

MONTHS OF SUPPLY

Rob said 1.8 months

Ang said 1.7 months

Actual # 2 months

ROB won this one!

LAS VEGAS REALTORS REPORTS – July 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