Las Vegas Housing Market: A Year of Growth and Stability
The Las Vegas, NV metro area housing market in November 2024 presents a landscape of growth and stability, with notable increases in several key metrics. The Median Sales Price has risen to $446,000, marking a year-over-year (YoY) increase of 1.4%. This modest appreciation indicates a steady demand for homes in the region, despite a stagnant Median List Price, which remains unchanged at $449,990.
Price Per Square Foot has seen a more significant rise, with the median Price Per Square Foot increasing by 4.5% YoY to $255.29. Similarly, the Median List Price per square foot has grown by 4.4% YoY, reaching $262.79. These figures suggest that while overall list prices have plateaued, the value of space within homes is appreciating, reflecting a potential shift in buyer preferences towards more efficient use of space.
Sales activity in the Las Vegas metro area has been robust, with 2,249 Homes Sold, representing an impressive 11.8% YoY increase. Pending Sales have also surged by 12.2% YoY, totaling 2,557. This uptick in sales activity is supported by a slight increase in New Listings, which have grown by 0.7% YoY to 2,570. However, the inventory has expanded significantly, with a 20.5% YoY increase, bringing the total to 8,245 homes. This rise in inventory, coupled with a 30.0% YoY increase in Months of Supply to 3.7 months, suggests a more balanced market, offering buyers more options and potentially easing competitive pressures.
The Median Days on Market have increased by 7.0% YoY to 48 days, indicating that homes are taking slightly longer to sell compared to the previous year. This could be attributed to the increased inventory and a more discerning buyer pool. The average sale to list ratio has seen a slight decline of 0.2% YoY, now standing at 98.2%, while the sold above list ratio has decreased by 2.9% YoY to 16.5%. These metrics suggest that while sellers are still achieving near-list prices, fewer homes are selling above the asking price compared to last year.
Price Drops have decreased by 1.4% YoY, now at 21.5%, indicating that sellers are adjusting their expectations to align more closely with market realities. Additionally, the percentage of homes going off market in two weeks has declined by 7.1% YoY to 24.4%, further highlighting the shift towards a more balanced market where buyers have more time to make informed decisions.
Overall, the Las Vegas housing market in November 2024 reflects a period of growth and stabilization. While prices continue to appreciate, the increased inventory and extended days on market suggest a shift towards a more balanced environment, offering opportunities for both buyers and sellers to navigate the market with greater confidence.
