Las Vegas Housing Market: September 2024 Analysis

The Las Vegas, NV metro area housing market in September 2024 presents a complex scenario with varying trends in pricing metrics. The Median Sales Price stands at $445,000, reflecting a modest year-over-year increase of 0.9%. Conversely, the Median List Price has decreased by 1.9% to $450,980, indicating a potential softening in seller expectations. The median Price Per Square Foot has risen by 4.0% to $255.60, while the Median List Price per square foot has seen a more significant increase of 5.5%, reaching $264.48. These figures suggest a divergence between list and sales prices, possibly due to changing buyer and seller dynamics.

Sales Activity and Inventory

Sales activity in the Las Vegas market shows a decline, with 2,373 Homes Sold, marking a 5.1% decrease from the previous year. However, Pending Sales have increased by 4.0% to 2,817, indicating a potential uptick in future closings. New Listings have surged by 11.2% to 3,339, contributing to a substantial 30.2% increase in inventory, now totaling 8,283 homes. The Months of Supply have doubled to 3.5 months, suggesting a shift towards a more balanced market, although still favoring sellers slightly.

Market Dynamics and Buyer Behavior

The Median Days on Market have increased by 5.0% to 42 days, reflecting a slower pace in sales. The average sale to list ratio has slightly decreased by 0.3% to 98.4%, indicating that homes are selling closer to their list prices. The percentage of Homes Sold above list price has declined by 2.3% to 19.2%, while Price Drops have increased by 3.9% to 28.6%, suggesting that sellers are adjusting their expectations in response to market conditions. Additionally, the percentage of homes going off the market within two weeks has decreased by 7.5% to 32.1%, further highlighting the cooling pace of sales.

Conclusion

The Las Vegas housing market in September 2024 exhibits a mix of rising and falling trends. While prices per square foot are on the rise, overall sales activity has slowed, and inventory levels have increased significantly. These factors, combined with longer days on market and more frequent Price Drops, suggest a market in transition, potentially moving towards greater equilibrium between buyers and sellers.