Real Messenger

Housing Market Report | Las Vegas, NV

Housing Market Report

Las Vegas, NV
January 2024

Housing Market Report
Las Vegas, NV
January 2024

As we step into the new year, the Las Vegas real estate market continues to be a focal point of dynamic developments. December 2023 brought forth a mix of trends and updates that are shaping the industry landscape in this vibrant city.

  • Stability in Median Home Prices: The median home sold price in Las Vegas for December 2023 demonstrates stability, with prices maintaining a consistent trend. This marks a notable contrast to the 4.4% decrease observed in the last year.  Agents attribute this steadiness to various factors, including economic conditions and buyer demand.
  • Shifts in Bedroom-Specific Pricing: The latest data reveals nuanced changes in pricing based on bedroom types. As the market adapts to evolving demands, one-bedroom and two-bedroom homes have shown particular resilience, while larger properties have experienced moderate adjustments. These trends indicate a continued focus on diverse housing needs within the city.
  • Inventory Adjustments: Las Vegas experienced adjustments in housing inventory during December 2023. While the total number of homes for sale may exhibit fluctuations, it is essential to delve into specific bedroom types. Such granularity provides valuable insights into the evolving preferences of homebuyers, guiding both buyers and sellers in their decision-making processes.
  • Transaction Trends: The month of December 2023 saw a notable number of real estate transactions, with a slight increase compared to the previous month. Understanding the distribution of homes sold below, at, or above asking prices offers key indicators of the negotiation dynamics in the market. These insights can be crucial for those navigating the intricate process of buying or selling a home in Las Vegas.
  • Days on Market Dynamics: One of the significant highlights in December 2023 is the average days on market. The decrease of 30.8% indicates a potential acceleration in the pace of home sales. This shift may be influenced by factors such as increased demand, strategic pricing, and a competitive market environment.

In the dynamic landscape of the Las Vegas real estate market, December 2023 witnessed a Sellers Housing Market, characterized by higher prices and faster-selling homes. Let’s delve into the key statistics and trends that shaped the housing market in the entertainment capital of the world.

  • Median Home Prices and Price Per Square Foot: In December 2023, the median home sold price in Las Vegas stood at $401,387, reflecting a 4.4% decrease from the previous year. The median price per square foot was $239, providing a snapshot of the overall pricing dynamics in the city.
  • Housing Inventory: In December 2023, the Las Vegas real estate market had 5,619 homes for sale, marking a 2.4% decrease from November 2023.
  • Home Sales and Pending Transactions: A total of 1,208 homes were sold or pending in December 2023, reflecting a modest 0.4% month-over-month increase.
  • Days on Market: Homes in Las Vegas had an average of 35 days on the market in December 2023, showcasing a significant 30.8% decrease compared to the same period the previous year.

Conclusion: As Las Vegas maintains its status as a Sellers Housing Market, potential homebuyers and sellers should closely monitor these trends. The fluctuating prices and inventory levels, coupled with the pace of home sales, provide valuable insights for those navigating the vibrant real estate scene in the city. The average days on market signal a faster turnaround, emphasizing the need for swift decision-making in this dynamic marketplace.

*Source: RocketHomes.com

Las Vegas Home Values
$ 0
$239/SQFT
Since December 2022
-$ 0
(-4%)
Las Vegas Home Values
$ 0
$239/SQFT
Since December 2022
-$ 0
(-4%)
Asking price VS Sold price

770 HOMES WERE SOLD
Under Asking

277 HOMES WERE SOLD
At Asking

201 HOMES WERE SOLD
Over Asking

Breakdown of Home Sale Times

708 HOME WERE SOLD
Under 30 Days

409 HOME WERE SOLD
In 30-90 Days

87 HOME WERE SOLD
Over 90 Days

Asking price VS Sold price

770 HOMES WERE SOLD
Under Asking

277 HOMES WERE SOLD
At Asking

201 HOMES WERE SOLD
Over Asking

Breakdown of Home Sale Times

708 HOME WERE SOLD
Under 30 Days

409 HOME WERE SOLD
In 30-90 Days

87 HOME WERE SOLD
Over 90 Days

Featured Property

58 Midnight Sky Drive, Las Vegas, NV 89135
$ 0
4 Bed | 5 Bath | 5217 sqft

Located in the Ridges last custom enclave sits Indigo, featuring 28 custom single story homes. Privacy & unobstructed views meet a purpose-driven design totaling 8,600sqft of indoor & exterior living built in 2021. A generous primary suite & spa/ like bath including cedar sauna and private garden access. Large guest suites washed with light and home office are spacious with high volume ceilings. Climate controlled wine cellar totaling a 1200 bottle storage capacity. Temperature controlled oversized 4-car garage built to support a lift for additional vehicles. Chef’s kitchen, state of the art appliances, catering prep area with walk-in pantry and coffee bar. Pocket door sliders open to unobstructed mountain views, an ultra-private living and entertainment space, 80 foot pool, water features and outdoor kitchen. Mixing hard & soft scapes of stone and plant material including lemon, lime, fig and pomegranate trees all connecting warm natural beauty modern design with the latest amenities.

Listing Agent – Seth Griffith

Featured Property
58 Midnight Sky Drive, Las Vegas, NV 89135
$ 0
4 Bed | 5 Bath | 5217 sqft

Located in the Ridges last custom enclave sits Indigo, featuring 28 custom single story homes. Privacy & unobstructed views meet a purpose-driven design totaling 8,600sqft of indoor & exterior living built in 2021. A generous primary suite & spa/ like bath including cedar sauna and private garden access. Large guest suites washed with light and home office are spacious with high volume ceilings. Climate controlled wine cellar totaling a 1200 bottle storage capacity. Temperature controlled oversized 4-car garage built to support a lift for additional vehicles. Chef’s kitchen, state of the art appliances, catering prep area with walk-in pantry and coffee bar. Pocket door sliders open to unobstructed mountain views, an ultra-private living and entertainment space, 80 foot pool, water features and outdoor kitchen. Mixing hard & soft scapes of stone and plant material including lemon, lime, fig and pomegranate trees all connecting warm natural beauty modern design with the latest amenities.

Share the Post: