The HIGHS & LOWS of the Las Vegas Real Estate Market – October 2023

Las Vegas Housing Market Update – October 2023

Welcome to the October 2023 issue of our monthly market update for Southern Nevada. In this issue we will be going over September 2023 numbers.

Market Trends

There were 1,821 single-family houses that sold in September, down 9.4% from August and down 10.3 % from September 2022.

The median sales price of previously owned single-family homes, went from $447,435 in August to $450,000 in September, which is up .6% from the prior month and flat from the prior year.

• In September 2022, the median price of previously owned single-family homes was at $450,000.
• In September 2021, the median price of previously owned single-family homes was at $406,500.
• In September 2020, the median price of previously owned single-family homes was at $337,250.

Market Trends

So, for September we had a total of 2,448 new listings, which is down 7.3% from August and down 27.5% from the prior year.

In September 2022, there were 3,376 new listings on the market. Which is 928 more listings on the market in 2022 than in 2023.

There were also a total number of 4,066 single-family houses listed without offers at the end of September, (In August that number was 3,881) which is up 4.8% from the previous month, but down 49.9% from the prior year.

September 2022 there were 8,121 single-family homes listed without offers.

Market Trends

Which brings us to the housing supply in Southern Nevada, last month we are at 2.2 months of inventory on the market, which is up 15.6% from August, but down 44.2% from the prior year.

September 2022 there were 4 months of inventory on the market.

68% of the closings for the month September was on the market 30 days or less, in August this number was at 69.8% and in September 2022 56.8% of the homes were on the market 30 days or less.

ROB & ANG BETS

MEDIAN SALES PRICE

Rob said $1,200 decrease

Ang said $1,000 increase

Actual# $2,565 increase

Ang won this one!

WITHOUT OFFERS

Rob said 4,000

Ang said 4,100

Actual# 4,066

Ang won this one!

MONTHS OF SUPPLY

Rob said 2.1 months

Ang said 2 months

Actual# 2.2 months

Rob won this one!

Las Vegas Realtors Report: https://bit.ly/3Q6FY7g

Also, if you are thinking about buying or selling in the Las Vegas Valley, CLICK HERE or you can call me at 702-370-5112.

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Angela O’Hare
Favorite Las Vegas Realtor
Home Realty Center
Lic. #180246
702-370-5112
[email protected]
www.neighborhoodsinlasvegas.com