Residential Real Estate News
Greater Las Vegas Home Sales Jump 15 Percent in November
A new report from Las Vegas Realtors reveals that local home prices neared an all-time high in November 2024, with increased sales activity and more properties available compared to the same time last year.
According to LVR, the median price of single-family homes sold in Southern Nevada through its Multiple Listing Service in November was $480,000, reflecting a 6.7% rise from $450,000 in November 2023. This figure is just shy of the record $482,000 set in May 2022.
The median price for condos and townhomes in November stood at $301,250, down from the previous month's record high of $315,000 but still up 9.5% from $275,000 in November 2023.
LVR President Merri Perry noted that the increased number of homes available for sale and properties being sold are positive signs for the housing market heading into 2025.
By the end of November, LVR reported 5,570 single-family homes listed for sale without offers--a 28.0% increase from a year earlier. Similarly, 1,856 condos and townhomes were listed without offers, marking a 47.2% year-over-year increase.
In total, 2,123 existing local homes, condos, and townhomes were sold in November 2024. Compared to November 2023, home sales increased by 14.8%, while condo and townhome sales rose by 3.7%. The current sales pace corresponds to a housing supply of about three and a half months, up from less than three months a year ago.
Throughout 2024, home sales have outpaced the slower pace of 2023, which recorded the fewest local home sales since 2008. LVR reported 29,069 total sales of existing homes, condos, and townhomes in 2023, down from 35,584 in 2022. This follows a record-breaking 2021, with 50,010 sales.
Cash transactions accounted for 24.9% of all local property sales in November, down from 29.8% in November 2023 and significantly below the November 2013 peak of 59.5%.
Distressed sales remain minimal, with short sales and foreclosures making up just 0.9% of November transactions. This compares to 1.1% a year ago and 2.0% five years ago, illustrating a sustained low level of distressed sales.
LVR's statistics, based on MLS data through November 2024, do not include newly built homes sold by developers or properties sold directly by owners.
Las Vegas Area Market Highlights:
- Total Transaction Values: MLS-tracked real estate transactions in November surpassed $987 million for homes and $152 million for condos, high-rise condos, and townhomes. Compared to a year earlier, sales values increased by 18.2% for homes and 14.0% for condos and townhomes.
- Sales Speed: In November, 79.3% of existing homes and 77.9% of condos and townhomes sold within 60 days. This is slightly lower than November 2023, when 83.0% of homes and 88.2% of condos and townhomes sold within the same timeframe.
