Nevada Housing Market Overview: November 2024
The Nevada housing market in November 2024 presents a complex landscape, characterized by a mix of declining prices and increasing sales activity. The Median Sales Price for homes in Nevada stands at $462,200, reflecting a slight decrease of 0.4% year-over-year. Similarly, the Median List Price has experienced a marginal decline of 0.3%, now at $469,300. Despite these decreases, the market shows resilience in other areas.
One notable trend is the increase in the median Price Per Square Foot, which has risen by 4.6% to $265. This suggests that while overall prices have slightly decreased, the value of space is appreciating. The Median List Price per square foot has also increased by 5.0%, reaching $272, indicating a strong demand for quality space.
Sales activity in Nevada is robust, with 3,016 Homes Sold, marking a significant 10.9% increase compared to the previous year. Pending Sales have also surged by 11.8%, totaling 3,422. This uptick in sales activity is supported by a 1.9% increase in New Listings, which now number 3,330. However, the inventory has expanded considerably, up by 19.8% to 11,263 homes, suggesting that supply is outpacing demand.
The Months of Supply, a key indicator of market balance, has increased by 20.0% to 3.7 months. This rise indicates a shift towards a more balanced market, though it still leans slightly in favor of sellers. Homes are spending more time on the market, with the Median Days on Market increasing by 6.0% to 52 days, reflecting a slower pace in sales turnover.
The average sale to list ratio remains stable at 98.2%, showing no significant change from the previous year. However, the percentage of Homes Sold above list price has decreased by 2.4% to 16.3%, indicating a slight cooling in competitive bidding. Price Drops have also decreased by 1.4%, now at 21.7%, suggesting that sellers are adjusting expectations in line with market conditions.
Finally, the percentage of homes going off the market within two weeks has declined by 5.7% to 24.6%, further highlighting the trend of longer market durations. Overall, the Nevada housing market in November 2024 is characterized by stable pricing metrics, increased sales activity, and a growing inventory, pointing towards a more balanced market environment.
