Market Trends for Fall 2024: Navigating Real Estate Shifts in Clark County

My apologies that I’m behind this month with sharing the Newsletter, I went on vacation to visit my son and his new family in Ukraine, and that set me behind to get this completed and posted for October. Thank you for your patience. 

As Clark County approaches the fall season, the real estate market is undergoing significant changes influenced by both seasonal and economic factors. These factors shift impact buyer and seller behavior, providing a crucial context for anyone looking to make informed decisions in Southern Nevada’s competitive housing market.

Inventory, Buyer Behavior, and Competition

One of the key seasonal trends during Fall is the decline in available inventory, which can also be seen this year. After the busy summer season, many sellers in Clark County often pull their homes off the market or delay their listings until spring. This can be caused by multiple circumstances, such as holiday preparations, school schedule adjustments, etc. This reduction in available homes tightens the supply market, leading to more competition among the remaining buyers.

The Las Vegas Association of Realtors (LVR) reports more listings than during the summer. This means that buyers may act quickly, particularly for desirable properties in neighborhoods like Summerlin, Henderson, and North Las Vegas. These active buyers tend to be more serious and motivated, often due to job relocations, financial planning, or a desire to settle before the holiday season falls upon them. This creates a competitive buyers’ market, where offers will come in quicker. These buyers are often committed to closing their deals, so sellers should adjust to this dynamic by setting competitive prices to their homes. 

Even though the market has cooled slightly since the pandemic-driven housing boom, there is still strong demand in certain segments. In high-demand neighborhoods, buyers sometimes engage in bidding wars for move-in-ready properties. For buyers, this means that acting decisively when the right property becomes available, while the well-priced homes aren’t selling quickly, is possibly the right move. For sellers, it highlights the importance of positioning homes strategically and staging them attractively to attract offers in this competitive environment.

Interest Rates, Home Prices, and Market Metrics

Interest rates are playing a significant role in the 2024 housing market, with the average 30-year fixed mortgage rate now at 6.6 % in the Clark County area), according to Freddie Mac. This increase has reduced purchasing power for many buyers, forcing adjustments in their price ranges. For example, buyers who could afford a $500,000 home at lower rates may now qualify for homes closer to $450,000. Despite this challenge, Clark County remains more affordable than major cities like Los Angeles and San Francisco, which helps attract out-of-state buyers. As a result, demand continues to support home price growth, even as higher rates put pressure on affordability.

As of October 2024, the median home price in Clark County is approximately $460,000, up from $440,000 the previous year. Homes are staying on the market longer, with the average days on market (DOM) increasing to 45 days, compared to 30-35 days in the summer. This seasonal slowdown is typical for fall, though competitively priced homes in desirable areas still sell quickly. Looking ahead, low inventory will keep competition strong among serious buyers, with prices likely to continue rising slowly compared to the beginning of the year.  Sellers should focus on pricing accurately to attract offers, and price to sell quickly with a 30 day of less strategy.

If a Realtor tells you that they will get you top dollar with a 60-90 day strategy, they are misguided and will waste your time and money. Buyers need to be financially prepared to act swiftly in this competitive market.

Conclusion

The fall 2024 real estate market in Clark County is characterized by increasing inventory, rising competition among sellers, and the influence of unstable interest rates. For sellers, this means adjusting expectations and pricing homes competitively in a more discerning market. For buyers, it means navigating a landscape where the shift in inventory & the fickle interest rates environment demands swift, decisive action. That buying journey will be smoother and far less stressful, when you have hired a top tier real estate professional. 

By understanding these trends—ranging from shrinking inventory to increasing home prices and interest rates—both buyers and sellers can position themselves for success. Clark County remains a competitive and evolving market, and staying informed will be the key to navigating the months ahead.

Please feel free to reach out to me directly, if you would like to personally chat with me on current market conditions for buying or selling, I always love talking about real estate! 

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.