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Summer 2024 Market Trends

July 31, 2024

Las Vegas Real Estate Market: Summer vs. Spring 2024

Overview

The Las Vegas real estate market in 2024 has shown significant changes from spring to summer, driven by varying factors such as inventory levels, buyer demand, and price trends.

Market Activity

Spring 2024 (March-May):
- Sales Volume: In April 2024, there were 2,339 single-family homes sold, which marked a 12.3% increase from March and a 19.2% increase compared to April 2023.
- Median Prices: The median sales price for single-family homes increased from $465,000 in March to $469,000 in April, a 0.9% rise. Compared to April 2023, the median price increased by 9.1 percent.
- Inventory: The inventory remained low, contributing to rising prices. The market had around 2.4 months of inventory in January 2024.
Summer 2024 (June-July):
- Sales Volume: The number of homes sold continued to rise, reflecting strong buyer demand even as the market entered the typically hotter summer months.
- Median Prices: The median sales price in July showed slight variations, with some areas experiencing price reductions due to increased inventory and seller competition. For example, homes in Henderson saw a range of sale-to-list price adjustments, with some properties selling under list price due to longer days on market.
- Inventory: By summer, inventory levels showed slight increases, with more new listings coming to market. This provided buyers with more options but also led to longer days on market for many properties.

Price Trends

Single-Family Homes: The median price continued its upward trend from spring into early summer, although the rate of increase slowed. The overall annual increase was significant, with median prices in April 2024 at $469,000 compared to $430,000 in April 2023.
Condos and Townhomes: The median price for condos and townhomes increased from $275,000 in January to $283,000 in February, showing a strong start to the year. However, by summer, the market saw stabilization with fewer dramatic price shifts.

Buyer and Seller Behavior

Spring: Buyer activity was high, with many homes receiving multiple offers and selling quickly. The competitive market environment led to several homes selling over the list price.
Summer: Buyer activity remained robust, but with more listings available, the competition slightly eased. Some homes experienced longer days on market and occasional price reductions to attract buyers.

Conclusion

The Las Vegas real estate market in 2024 experienced robust activity in both spring and summer, with continued price increases and strong buyer demand. However, the summer market showed signs of stabilization with more inventory and slightly longer selling times, offering a more balanced environment for buyers and sellers alike.

Resources

For more detailed data and trends, you can refer to the full reports on Redfin and Neighborhoods in Las Vegas.

I am a local Las Vegas real estate agent. If you are in the Las Vegas area and need real estate help, I’m happy to be of service! Send me a text to schedule an appointment today. Or you may book an appointment online here.