Las Vegas Housing Market Update – November 2024

Las Vegas Housing Market Update – November 2024

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

With the elections now behind us, will we start to see a shift in the housing market? Buyers who were sitting on the sidelines, waiting to see who becomes president, are now ready to jump in.

Home sales and new listings are on the rise, yet the median price isn’t dropping as many had hoped. So, what does this mean for the market? Where could we be heading as we approach 2025? Can the Las Vegas housing market keep climbing, and if so, for how long?

Stay tuned as we break down these big questions and share our thoughts on the ever-changing Las Vegas housing scene. Plus, we’ll also cover the latest new construction builder incentives for October 2024 and announce who came out on top in last month’s bets. Don’t miss out!

MARKET TRENDS

There were 1,918 single-family houses that sold in October, up 7.1% from September and up 12.9% from October 2023.  

The median sales price of previously owned single-family homes, went from $479,900 to $475,531 in October, a $4,369 median price decrease; which is down .9% from October, but up 5.9% from October 2023.

So, from October 2023 to October 2024, we had a $26,531 median price increase in single-family homes.

In October 2024, the median price of previously owned single-family homes was at $475,531.

In October 2023, the median price of previously owned single-family homes was at $449,000.

In October 2022, the median price of previously owned single-family homes was at $440,000.

In October 2021, the median price of previously owned single-family homes was at $410,000.

MARKET TRENDS

The median sales price of condos and townhomes for October went from $299,500 to $315,000, at $15,500 median price increase; which is up 5.2% from September and up 14.3% from the prior year.

So, from October 2023 to October 2024, we also had a $39,500 median price increase in condos/townhomes.

In October 2024, the median price of condos and townhomes was at $315,000.

In October 2023, the median price of condos and townhomes was at $275,500.
In October 2022, the median price of condos and townhomes was at $266,000.
In October 2021, the median price of condos and townhomes was at $236,000.

LUXURY MARKET – November 2024

There were 112 homes that sold in October for $1 million and over, compared to September 127 homes, 15 home decrease.

The median sales price in the Luxury Market for October decreased to $1,450,000 and in September that number was $1,475,491. A $24,491 decrease in the median sales price.

MARKET TRENDS

So, for September we had a total of 2,867 new listings, which is up 1.3% from September and up 22.9% from the prior year.

There were also a total number of 5,784 single-family houses listed without offers in October, which is up 6% from the previous month and up 37.3% from the prior year.

October 2023 there were 4,213 single-family homes listed without offers, which is 1,571 less homes on the market in 2023 compared to this year.

October 2022 there were 7,906 single-family homes listed without offers, which is 2,122 more homes on the market in 2022 compared to this year.

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 down 1% from September, but up 21.6% from the prior year.

October 2023 we were at 2.5 months of inventory on the market.

October 2022 we were at 4.6 months of inventory on the market.

58.9% of the closings for the month October was on the market 30 days or less, in September this number was at 61.5% and in October 2023, 67.2% of the homes were on the market 30 days or less.

NEW BUILDER INCENTIVES – November 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 Move NOW on Your Dream Home Event. Unbelievable savings on select homes when financing with Century Communities affiliate lender, Inspire Home Loans. Get 3.875% interest rate for the first year and 4.875% interest rate for years 2-30 when using an FHA and VH loans. Or get a 30-year fixed interest rate at 5.5% for a conventional loan. Or enjoy up to $35,000 toward closing costs.

Rates are available only on the purchase of select Century Communities homes that sign a contract on or after 11/5/2024 and that close on or before 12/31/2024.

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 is having their Black Friday Inventory Event get 4.99% Fixed Interest Rate, PLUS Receive up to 2% of the Sales Price in Flex Credit (valid towards closing costs or rate buydown)

Offers available when you sign a purchase agreement on a select move-in ready home in the greater Las Vegas area between 11/11/24 and 11/17/24 and close by 01/24/25. Interest rate and flex credit offers require financing through Lennar Mortgage, LLC.

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 2/28/25.

Richmond American Homes

Richmond American is offering special 30-year, fixed-rate financing options —while funds last! Must be under contract by 11/10 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

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

Toll Brothers

Toll Brothers is having their 30-year fixed 2/1 Buydown Program for a limited time on select quick move-in homes, when you use Toll Brothers Mortgage Company. Get 3.99% interest rate on the first year, 4.99% interest rate on the second year and 5.99% interest rate on years 3-30. This offer is only available on homes that close by December 31, 2024, so take advantage of this great rate now.

Taylor Morrison

Taylor Morrison is having their The Right Time? Right Now event. They are 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 11/30/24 on all eligible Las Vegas area Quick Move-in Homes that close on or before 12/31/24 (“Promotion Period”).

Woodside Homes

Woodside Homes is having their Snuggle Up to Savings This Fall. From now until November 24 save the rate with their 2-1 Buydown Event on a new home from Woodside’s designer-curated Move-In Ready Collection. Get 3.5% interest rate the first year, 4.5% interest rate the second year, and 5.5% interest rate for year 3-30. Must use their preferred lender and close by 12/31/24.

ROB & ANG BETS – November 2024

MEDIAN SALES PRICE

Rob said $3,500 decrease

Ang said $3,000 decrease*

Actual # decreased by $4,369

ROB won this one!

WITHOUT OFFERS

Rob said 6,000

Ang said 5,700

Actual # 5,784

ANG won this one!

MONTHS OF SUPPLY

Rob said 3.4 months

Ang said 3.3 months

Actual # 3 months

ANG won this one!

Las Vegas Realtors Report

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