Las Vegas Housing Market Analysis - August 2024
The Las Vegas, NV metro area housing market in August 2024 presents a complex landscape with varying trends across different metrics. Below is a detailed analysis of the key data points.
Median Sales and List Prices
The Median Sales Price for homes in Las Vegas stands at $442,195, reflecting a slight decrease of 1.1% year-over-year (YoY). In contrast, the Median List Price has increased by 1.3% YoY, reaching $459,990. This divergence suggests a potential gap between seller expectations and buyer willingness, which could be influencing market dynamics.
Price Per Square Foot
The median Price Per Square Foot has risen to $256, marking a 4.8% increase YoY. Similarly, the Median List Price per square foot has seen a 5.7% YoY increase, now at $264.40. These increases indicate a steady appreciation in property values on a per-square-foot basis, despite the overall dip in Median Sales Price.
Sales and Inventory
The number of Homes Sold in August 2024 is 2,832, showing a modest increase of 2.5% YoY. However, Pending Sales have decreased by 6.7% YoY, totaling 2,873. New Listings have surged by 12.0% YoY, reaching 3,720, while inventory has seen a significant rise of 26.5% YoY, now at 7,793 homes. The Months of Supply have also increased dramatically by 60.0% YoY, now standing at 2.8 months. This substantial rise in inventory and supply could indicate a shift towards a buyer's market.
Market Dynamics
The Median Days on Market have increased by 5.0% YoY, now at 40 days, suggesting that homes are taking slightly longer to sell. The average sale to list ratio has dipped marginally by 0.3% YoY, now at 98.5%, indicating that homes are selling slightly below their list prices. The percentage of Homes Sold above list price has decreased by 6.6% YoY, now at 19.5%, further highlighting a cooling in buyer competition.
Price Adjustments and Off-Market Activity
The percentage of Price Drops has increased by 5.2% YoY, now at 29.4%, suggesting that sellers are becoming more flexible with their pricing. Additionally, the percentage of homes going off-market within two weeks has decreased by 10.3% YoY, now at 32.9%, indicating a slower pace in market activity.
In summary, the Las Vegas housing market in August 2024 exhibits a mix of trends. While there are signs of price appreciation on a per-square-foot basis, the overall Median Sales Price has slightly declined. Increased inventory and supply, coupled with longer days on market and fewer homes selling above list price, suggest a potential shift towards a more balanced or even buyer-favorable market.
