Nevada Housing Market Analysis - July 2024
The Nevada housing market in July 2024 presents a nuanced picture with several key indicators showing varied trends. Below is a detailed analysis of the current state of the market.
Median Sales and List Prices
The median sales price for homes in Nevada stands at $466,900, reflecting a modest year-over-year (YoY) increase of 1.1%. This indicates a slight appreciation in home values. Conversely, the median list price has decreased by 0.9% YoY, now at $481,400. This decline suggests that sellers might be adjusting their expectations to align more closely with market conditions.
Price Per Square Foot
The median price per square foot has risen to $266, marking a significant YoY increase of 5.6%. Similarly, the median list price per square foot has also seen a rise, now at $275, up by 5.3% YoY. These increases indicate a growing demand for space, which is driving up the cost per square foot.
Sales and Inventory
The number of homes sold in July 2024 is 3,853, which is a 5.0% increase YoY. Pending sales have also seen a slight uptick, with a 1.3% YoY increase, totaling 4,283. New listings have surged by 15.7% YoY, reaching 4,786, while inventory has grown by 17.1% YoY to 10,254 homes. The months of supply, a critical indicator of market balance, has increased by 30.0% YoY to 2.70 months. This suggests that the market is moving towards a more balanced state, with more options available for buyers.
Market Dynamics
The median days on market is relatively stable at 40 days, showing a slight increase of 1.0% YoY. The average sale to list ratio is 98.6%, down by 0.1% YoY, indicating that homes are selling very close to their list prices. However, the percentage of homes sold above list price has decreased by 2.7% YoY to 21.6%, suggesting that bidding wars are becoming less common.
Price Adjustments and Off-Market Trends
Price drops have increased by 6.7% YoY, now at 30.5%, indicating that sellers are more frequently adjusting their prices to attract buyers. Additionally, the percentage of homes going off the market within two weeks has decreased by 4.9% YoY to 37.0%, suggesting that homes are taking slightly longer to sell compared to last year.
In summary, the Nevada housing market in July 2024 shows a mix of growth and stabilization. While home prices and price per square foot are on the rise, the increase in inventory and new listings suggests a shift towards a more balanced market. Sellers are adjusting their expectations, and buyers have more options, leading to a dynamic and evolving real estate landscape.
