Residential Real Estate News
Greater Las Vegas Home Sales Jump 19 Percent Annually in December
New data from Las Vegas Realtors (LVR) shows an increase in home sales during 2024 compared to 2023, with prices nearing record highs.
The median price for existing single-family homes sold through LVR's Multiple Listing Service (MLS) in December was $475,000. While slightly lower than November, this represents a 5.6% increase from $449,900 in December 2023. However, it remains below the record high of $482,000 set in May 2022.
For condos and townhomes, the median price in December was $290,000. This marks a decline from November and the all-time high of $315,000 in October. Still, it reflects a 7.4% increase from $270,000 in December 2023.
Market Overview
LVR President George Kypreos highlighted the benefits for buyers, noting steady prices and a greater inventory of homes compared to the previous year.
"December is traditionally one of the slowest months of the year for housing, and the data reflects that," Kypreos said. "Overall, these statistics suggest a stable and relatively healthy market as we move into 2025."
By the end of December, LVR reported 4,965 single-family homes listed for sale without offers, a 31.8% increase from December 2023. Similarly, 1,763 condos and townhomes were available without offers, marking a 55.6% rise year-over-year.
A total of 2,277 existing homes, condos, and townhomes were sold in December 2024, with home sales up 19.3% and condo/townhome sales rising 0.6% compared to December 2023. The sales pace equated to a three-month housing supply, up from about 2.5 months in the previous year.
Yearly Sales and Market Trends
In total, 31,305 existing homes, condos, and townhomes were sold in 2024, surpassing the 29,069 sold in 2023, which had been the slowest sales year since 2008. This compares to 35,584 sales in 2022 and the record-setting 50,010 properties sold in 2021.
Cash transactions accounted for 26.2% of December sales, down from 28.8% the previous year and significantly below the December 2013 peak of 59.5%. Distressed sales, including short sales and foreclosures, remained near historic lows, comprising just 0.6% of all sales in December.
Additional Highlights
- Transaction Values: December's total MLS-tracked sales value reached nearly $1.1 billion for homes and over $144 million for condos, high-rise condos, and townhomes. This represents a 27.7% year-over-year increase for homes and a 4.9% rise for condos and townhomes.
- Speed of Sales: In December, 74.5% of homes and 75.8% of condos and townhomes sold within 60 days. This was a slight decline from December 2023, when 78.5% of homes and 82.9% of condos/townhomes sold within the same timeframe.
LVR's data reflects activity through the end of December 2024 and includes sales tracked through its MLS. The statistics exclude newly constructed homes sold by builders and for-sale-by-owner properties.
