Las Vegas Housing Market
Median Single Family Home Price: $449,000
Up from 440,000 a year ago (+2.0%).
Down from 450,000 a month ago (-0.2%).
Median Condo/Townhouse Price: $275,500
Up from 266,000 a year ago (+3.6%)
Up from 270,000 a month ago (+2.0%)
Number of New Single Family Home Listings: 2,332
Up 3.6% from a month ago.
Down -46.7% from a year ago.
Number of New Condo/Townhome Listings: 755
Up 5.2% from a month ago
Up 10.4% from a year ago.
Single Family Homes without offers at end of period: 4,213
Up 3.6% from a month ago
Down -46.7% from a year ago.
Units Sold this Period: 1,699
Down -6.7% from a month ago
Down -1.5% from a year ago
67.2% of all single-family homes sold within the first 30 days.
Down from 68% a month ago
Up from 53.7% a year ago
Months of Inventory Available:
Single-family homes: 2.5 months
Condos/Townhouses: 2.5 months
(Data provided by Applied Analysis a partner of the Las Vegas Realtors Association)
Takeaways:
Median price remains stable with only a 1k difference.
Townhomes and condos stabilized back up after a sudden drop last month seeming to indicate lower prices were a fluke rather than a trend.
The housing supply continues trending up at 2.5 months of inventory. Interest rates just had some relief in the last two weeks so these stats will not reflect that. These stats will be more reflective of the 8% rates.
Lenders are starting to become more positive about rates going into the 2024 year after topping out at 8%. There were a few days where lenders were panicking in conversations in October. That has since reversed. Truth is, everything is still speculation! Rate will dictate affordability for buyers going into 2024 as prices seem to not be going in any direction quickly!
