Residential Real Estate News
Las Vegas Condo, Home Sales Downtick Annually in September
A new report released by Las Vegas Realtors shows that prices for local condos and townhomes have reached an all-time high in September 2024, while home prices nearly matched their previous peak.
According to LVR, the median price of existing single-family homes sold in Southern Nevada through the Multiple Listing Service (MLS) in September was $479,900, marking a 6.6% increase from $450,000 in September 2023. However, it fell just short of the all-time high of $482,000 set in May 2022.
The median price for local condos and townhomes in September was $299,500, up 10.9% from $270,000 in September 2023, surpassing the previous record of $296,000 set in July 2024.
LVR President Merri Perry said last month's long-awaited interest rate cut should continue to help the housing market.
"The interest rate cut announced in September by the Fed can only help the housing market," Perry said. "While I don't think this will have a dramatic impact, it certainly helps people, especially prospective home buyers."
By the end of September 2024, LVR reported 5,458 single-family homes listed for sale without any offers, a 34.2% increase from the previous year. Similarly, the 1,731 condos and townhomes listed without offers represented a 67.2% increase compared to the same period last year.
In total, 2,277 existing local homes, condos, and townhomes were sold in September, with home sales down 1.6% compared to September 2023 and condo and townhome sales down 12.1%. The sales pace in September equated to a housing supply of just over three months, up from just over two months in the same period last year.
Throughout most of 2024, home sales have outpaced the slow sales of 2023, which was the slowest year for existing local home sales since 2008. In 2023, LVR recorded 29,069 sales of existing homes, condos, and townhomes, down from 35,584 in 2022. This followed a record-breaking 2021, when 50,010 properties were sold.
In September 2024, cash transactions accounted for 24.4% of all local property sales, down from 27.9% the previous year and significantly lower than the peak of 59.5% in September 2013.
Distressed sales, including short sales and foreclosures, remained near historic lows, accounting for just 0.8% of all property sales in September. This compares to 1.3% in the prior year, 0.1% two years ago, and 2.0% five years ago.
These LVR statistics reflect market activity through September 2024 and are based on data collected via MLS, which does not include newly built homes sold by local builders or homes sold directly by owners.
Key highlights from the Greater Las Vegas market include:
- The total value of real estate transactions tracked via MLS in September was nearly $1.1 billion for homes and over $148 million for condos, high-rise condos, and townhomes. Compared to a year earlier, the total sales value rose 7.1% for homes but declined 6.9% for condos and townhomes.
- In September, 81.4% of all existing homes and 83.2% of all existing condos and townhomes sold within 60 days. This is slightly lower than the previous year, when 85.7% of homes and 86.3% of condos and townhomes sold within the same time frame.
