Nevada Housing Market: September 2024 Analysis
The Nevada housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in the state stands at $467,400, reflecting a modest year-over-year increase of 0.4%. Similarly, the Median List Price is $476,800, showing a slight rise of 0.2% compared to the previous year. These figures suggest a relatively stable pricing environment, albeit with minimal growth.
In terms of Price Per Square Foot, the market has experienced more significant changes. The median Price Per Square Foot has increased by 3.9% to $266, while the Median List Price per square foot has risen by 5.9% to $275. This indicates a stronger appreciation in property values on a per-square-foot basis, which could be attributed to increased demand for smaller, more affordable homes.
Sales activity in Nevada has seen a decline, with 3,279 Homes Sold, marking a 2.3% decrease year-over-year. However, Pending Sales have increased by 7.4%, totaling 3,895, suggesting that future sales may rebound. The number of New Listings has surged by 11.6% to 4,405, contributing to a significant 26.0% increase in inventory, which now stands at 11,556 homes. This rise in inventory has led to an 80.0% increase in the Months of Supply, now at 3.5 months, indicating a shift towards a more balanced market.
The Median Days on Market for homes in Nevada is 45 days, up by 5.0% from the previous year. This suggests that homes are taking slightly longer to sell, possibly due to the increased inventory and slower sales pace. The average sale to list ratio has decreased by 0.3% to 98.4%, indicating that homes are selling slightly below their list prices. Additionally, the percentage of Homes Sold above list price has dropped by 2.7% to 18.7%, further highlighting the cooling market conditions.
Price Drops have become more common, with 28.4% of listings experiencing reductions, up by 2.7% year-over-year. Meanwhile, the percentage of homes going off the market within two weeks has decreased by 7.3% to 30.8%, suggesting that buyers are taking more time to make purchasing decisions.
Overall, the Nevada housing market in September 2024 is characterized by stable pricing, increased inventory, and a slowdown in sales activity. While some metrics indicate a cooling market, others, such as the rise in Pending Sales and New Listings, suggest potential for future growth. Buyers and sellers should remain vigilant and adapt to these evolving market conditions.
