Las Vegas Real Estate Heatwave: How Long Will It Last?

Las Vegas Real Estate Heatwave for June 2024: How Long Will It Last?

Welcome back to our June 2024 issue of our monthly market update for Southern Nevada. Today, Rob and I will be diving into the May 2024 numbers. As the Las Vegas weather heats up, so does the housing market. How long can this housing heatwave last?

We saw yet again increases in the median price, sales, and new listings, but inventory levels are starting to tick up slightly. What does this all mean for buyers and sellers? Stay tuned to find out! Plus, don’t miss the reveal of who won last month’s bets between Rob and I. This is definitely a show you won’t want to miss!

MARKET TRENDS

There were 2,401 single-family houses that sold in May, up 2.7% from April and up 3.7% from May 2023.

The median sales price of previously owned single-family homes, went from $469,000 to $473,000 in May, another $4,000 median price increase which is also up .9% from April and up 7% from May 2023.

So, from May 2023 to May 2024, we had a $30,880 median price increase in single-family homes.

In May 2024, the median price of previously owned single-family homes was at $473,000.

In May 2023, the median price of previously owned single-family homes was at $442,120.

In May 2022, the median price of previously owned single-family homes was at $482,000.

In May 2021, the median price of previously owned single-family homes was at $385,000.

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 $9,000 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 May went from $290,000 to $295,000, which is up 1.7% from April and 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 May 2023 to May 2024, we also had a $20,000 median price increase in condos/townhomes.

In May 2023, the median price of condos and townhomes was at $275,000.
In May 2022, the median price of condos and townhomes was at $285,000.
In May 2021, the median price of condos and townhomes was at $205,000.

LUXURY MARKET

There were 160 homes that sold in May for $1 million and over, compared to April’s 173 homes, 13 home decrease.

The median sales price in the Luxury Market for May increased to $1,405,000 and in April that number was $1,395,000. A $10,000 increase in the median sales price.

MARKET TRENDS

So, for May we had a total of 3,123 new listings, which is up 8.7% from April and up 19.9% from the prior year.

There were also a total number of 3,869 single-family houses listed without offers in May, which is up 11.3% from the previous month and up 6.1% from the prior year. Last month in April we had 3,476 single-family homes listed without offers.

MARKET TRENDS

Which brings us to the housing supply in Southern Nevada, last month we are at 1.6 months of inventory on the market, which is up 8.4% from April and up 2.4% from the prior year. April we were at 1.5 months of inventory.

70.9% of the closings for the month May was on the market 30 days or less, in April this number was at 68.5% and in May 2023, 60.6% of the homes were on the market 30 days or less.

ROB & ANG BETS

MEDIAN SALES PRICE

Rob said $3,500

Ang said $4,000

Actual # increased by $4,000

ANG won this one!

WITHOUT OFFERS

Rob said 3,600

Ang said 3,400

Actual # 3,869

ROB won this one!

MONTHS OF SUPPLY

Rob said 1.7 months

Ang said 1.5 months

Actual # 1.6 months

THIS WAS A TIE!

LAS VEGAS REALTOR REPORT for June 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