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May 13, 2024Las Vegas Housing Market Update – May 2024
Las Vegas Housing Market Update – May 2024
Welcome back to our May 2024 issue of our monthly market update for Southern Nevada. Join Rob and me as we break down the April 2024 numbers for the Las Vegas housing market. The market is not just hot—it’s still going strong! We’ve seen another rise in sales, median prices, and listings throughout April. However, we’re still grappling with very low inventory levels.
With the market this tight, expect median prices to continue their upward trajectory unless more sellers decide to jump into the fray. If you’ve been thinking about selling, now might be the perfect time.
But wait, there’s more! We’ll also dive into the Builder Incentives for new construction homes planned for May 2024. Plus, don’t miss out as we reveal who came out on top in last month’s friendly bets between Rob and Ang.
Get ready for another thrilling episode that’s packed with all the latest insights and some fun surprises too. This is definitely a show you won’t want to miss!
MARKET TRENDS
There were 2,339 single-family houses that sold in April, up 12.3% from March and up 19.2% from April 2023.
The median sales price of previously owned single-family homes, went from $465,000 to $469,000 in April, a $4,000 median price increase which is also up .9% from March and up 9.1% from April 2023.
So, from April 2023 to April 2024, we had a $39,000 median price increase in single-family homes.
In April 2024, the median price of previously owned single-family homes was at $469,000.
In April 2023, the median price of previously owned single-family homes was at $430,000.
In April 2022, the median price of previously owned single-family homes was at $475,000.
In April 2021, the median price of previously owned single-family homes was at $375,000.
The peak of the Market was in May 2022 at $482,000 at this rate, we may surpass the peak of the market this year, in my opinion. As of now, we are only $13,000 off from the peak.
Overall, demand continues to outpace the supply of homes here in Southern Nevada, and that’s driving up prices.
The median sales price of condos and townhomes for April went from $282,500 to $290,000, which is up 2.7% from March and up 7.4% from the prior year.
This is a record high, which broke the all-time high set in August 2022, when the average condo/townhome sold for $287,000.
So, from April 2023 to April 2024, we also had a $20,000 median price increase in condos/townhomes.
In April 2023, the median price of condos and townhomes was at $270,000.
In April 2022, the median price of condos and townhomes was at $275,000.
In April 2021, the median price of condos and townhomes was at $202,450.
LUXURY MARKET
There were 173 homes that sold in April for $1 million and over, compared to March’s 133 homes, 40 home increase.
The median sales price in the Luxury Market for April decreased to $1,395,000 and in March that number was $1,400,000. A $5,000 decrease in the median sales price.
MARKET TRENDS
So, for April we had a total of 2,874 new listings, which is up 5.5% from March and up 17.3% from the prior year.
There were also a total number of 3,476 single-family houses listed without offers in April, which is up 4.6% from the previous month, but down 7% from the prior year.
MARKET TRENDS
Which brings us to the housing supply in Southern Nevada, last month we are at 1.5 months of inventory on the market, which is down 6.9% from March and down 22% from the prior year.
68.5% of the closings for the month April was on the market 30 days or less, in March this number was at 62.5% and in April 2023, 53.6% of the homes were on the market 30 days or less.
NEW BUILDER INCENTIVES
Century Communities is having the Time is NOW 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 5.5% interest rate for FHA and VH loans.
Rates available as of 4/25/2024. Loans rates are available only on the purchase of a Century Communities or Century Complete home that contracts and closes on or before 05/31/2024.
For a limited time offer on select move-in ready homes. Finance your new KB home through KBHS Home Loans and lock in a rate of 4.75% 5/1 Adjustable Rate Mortgage on a move-in ready home that closes by 7/31/24.
Pulte is offering limited time special financing on a 30-year fixed rate at 5.75% 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 from now and close by 7/31/24.
Richmond American is offering special financing options— while funds last. Plus, an additional $5,000 in closing cost assistance is available with select homes that contract by 5/12/24. Must use their preferred lender, Home American Mortgage Corporation to take advantage of these special interest rates.
Fixed Rate Close by 6/28/24
4.99% 30-year FHA fixed rate w/ 3.5% down
4.99% 30-year VA fixed rate w/ $0 down
5.50% 30-year Conventional fixed rate w/ 10% down
Fixed Rate Close by 7/31/24
5.75% 30-year FHA fixed rate w/ 3.5% down
5.75% 30-year VA fixed rate w/ $0 down
6.25% 30-year Conventional fixed rate w/ 10% down
Taylor Morrison is offering a limited time fixed interest rate at 5.875% 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 5/31/24 on all eligible Las Vegas area Quick Move-in Homes that close on or before 5/31/24 (“Promotion Period”).
Choose a beautiful new Toll Brothers quick move-in home now and qualify for a special 5.875% 30-year fixed interest rate offer through Toll Brothers Mortgage Company. This offer is subject to mortgage rate availability and is limited to select quick move-in homes eligible to close by July 31, 2024.
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.
$25,000 in Design Studio Credit
During Tri Pointe Homes limited-time event, take advantage of up to $25,000 in Design Studio credit on select move-in ready homes. (Citrine)
$15,000 in Design Studio Credit
During Tri Pointe Homes limited-time event, take advantage of up to $15,000 in Design Studio credit on select move-in ready homes. (Arrow Peak)
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.
ROB & ANG BETS
MEDIAN SALES PRICE
Rob said $3,500
Ang said $5,000
Actual # increased by $4,000
ROB won this one!
WITHOUT OFFERS
Rob said 3,275
Ang said 3,200
Actual # 3,476
ROB won this one!
MONTHS OF SUPPLY
Rob said 1.6 months
Ang said 1.5 months
Actual # 1.5 months
ANG won this one!
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
