Nevada Housing Market Analysis - August 2024
The Nevada housing market in August 2024 presents a mixed picture with several key indicators showing both positive and negative trends. This analysis delves into the various metrics to provide a comprehensive overview of the current state of the market.
Price Metrics
The Median Sales Price for homes in Nevada stands at $465,900, reflecting a slight decrease of 0.3% year-over-year (YoY). Similarly, the Median List Price is $477,500, also down by 0.3% YoY. Despite these minor declines, the median Price Per Square Foot has increased by 3.5% YoY to $266. The Median List Price per square foot has seen an even more significant rise of 5.1% YoY, now at $275.
Sales and Inventory
The number of Homes Sold in August 2024 is 3,736, showing a marginal decline of 0.3% YoY. Pending Sales have dropped more noticeably by 6.3% YoY, totaling 3,943. On the other hand, New Listings have surged by 9.1% YoY, reaching 4,896. Inventory levels have also seen a substantial increase of 23.0% YoY, now at 11,059 homes. The Months of Supply have risen dramatically by 60.0% YoY, now standing at 3.0 months, indicating a shift towards a more balanced market.
Market Dynamics
The Median Days on Market for homes in Nevada is 42 days, which is a 4.0% increase YoY. The average sale to list ratio is 98.5%, showing a slight decrease of 0.2% YoY. The percentage of Homes Sold above list price has dropped by 5.5% YoY to 19.4%. Price Drops have increased by 3.7% YoY, now at 29.5%. Additionally, the percentage of homes going off the market within two weeks has decreased by 9.3% YoY, now at 32.4%.
Conclusion
In summary, the Nevada housing market in August 2024 exhibits a mix of stability and change. While median sales and list prices have seen slight declines, the Price Per Square Foot metrics have increased, indicating a potential shift in buyer preferences towards smaller, more affordable homes. The rise in New Listings and inventory suggests increased seller activity, while the extended days on market and higher Months of Supply point towards a more balanced market. Buyers and sellers alike should stay informed and consider these trends when making real estate decisions.
