The current state of the Las Vegas housing market is very exciting. My 25 years of experience as a local real estate agent in the Clark County area allows me to have the necessary insight to observe and report on these trends, with an inspiration from the most recent market update.
In April, the median sales price for previously-owned single family homes showed a median increase of $4,000, from $465,000 to $469,000. This means that from March of this year. the prices increased by 9%. This is also an increase of 9.1% from median prices last April 2023.This is representative of an increase in the continued demand for housing, paired with the limited availability of properties.
The luxury market has also seen an astonishing increase of 22% in year-over-year sales. Some high-end properties are flying off the market and gaining buyers in less than a month. Local and out-of -state buyers are now expressing an interest in our city, attracted to the vibrant economy, stunning landscapes, and world-class entertainment. New inventories are also entering the market, with a comparative increase of 18.7% when compared to last year. This is just proof that the Luxury market segment of North America is continually expanding its horizons.
Las Vegas is currently outpacing the overall growth of North America. This March 2024 Las Vegas saw the sale of 173 homes worth $1,000,000 and over, as compared to the 133 houses sold last March. The median sales price for luxury homes is currently $1,395,000. Be it first-time homebuyers or families looking to move into larger homes, people are now realizing the wonders of living and settling down in the Las Vegas Valley. We currently see an 8% increase to the amount of homes being sold to first-time buyers, when compared to 2023 data.
Buyers are encouraged to enter the market, even with interest rates remaining around 7 plus % for the last few months of 2024, currently this week rates are at 7.15%. The current data showing home values on the rise, low inventory and an overall housing shortage, I encourage buyers to purchase a home now, especially with competition becoming apparent. Several News Sources that I follow say that the first-time home buyers are now rushing in despite these interest rates, with a sense of urgency to achieve home ownership. Current market trends have also shown that the housing supply in Southern Nevada is down, with the prices of homes continually increasing as a result. Last April, we were at 1.5 months of inventory on the market, a decrease of 6.9% when compared to March, and a massive decrease of 22% when compared with data obtained from the same time period last year. No changes for these trends are expected anytime soon as the continued influx of Southern Nevada real estate buyers generated high demand, and it is not showing any signs of decreasing.
Median prices for single-family homes in The Las Vegas Valley also had a $39,000 increase from April 2023 to April 2024. The median prices from April 2021 to 2024 can be seen in the table below:
In April 2024, the median price of previously owned single-family homes was at $469,000.
In April 2023, the median price of previously owned single-family homes was at $430,000.
In April 2022, the median price of previously owned single-family homes was at $475,000.
In April 2021, the median price of previously owned single-family homes was at $375,000.
As seen above, April 2022 had the highest median price. The market peak had a rate of $482,000, and this happened last May 2022. However, current market prices are approaching that and we are currently $13,000 away from achieving this value. An increase in demand currently outpaces the housing supply here in Southern Nevada which is reflected by the constantly increasing prices.
The Federal Open Market Community (FOMC), chaired by Jerome Powell, has met several times already this year to discuss the fed rates and inflation conditions on the US economy. The Fed has predicted three quarter-percentage cuts throughout 2024, this has not happened yet, only will happen as long as the market allows it. Market research analysts and economic experts are now saying that it is best to buy a home that you can afford right now, and when rates do come down in 2025 you can simply refinance.
In summary, the Las Vegas housing market remains strong and dynamic. Opportunities are abound for everyone, whether you are a buyer looking to purchase their new home, or a seller looking for someone to take care of the house they once called home. As a seasoned real estate agent, I am committed and dedicated to helping all of my clients navigate these exciting times, and make the most informed decisions regarding their real estate investments.
We at the Dulcie Crawford Group remain vigilant on monitoring and reporting the ever-evolving trends of the Las Vegas, Clark County real estate market. Stay tuned for future updates, and we will be seeing each other again next month. Please feel free to reach out directly to me with any questions you may have or to discuss the real estate market conditions.
Dulcie Crawford is a native Nevadan, born and raised in Las Vegas. Dulcie stays current with market conditions and keeps continuously updated on market trends, legal reforms and financing so she can assist you in making informed decisions. A senior Realtor with Signature Real Estate Group, she has sold over 1,200 homes since 1998. You are assured a professional experience when buying or selling Real Estate with The Dulcie Crawford Group.
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