Realty One Group - Shannon Smith Group

702.809.0203

Sprite Icon instagram

June 2024

Hi,

I hope you’re doing well! I’m excited to share some updates on the Las Vegas real estate market. As we begin the summer, we’re seeing some interesting trends that might impact your real estate decisions.

Inventory on the Rise, but Still Low

In June, we experienced a notable 9% increase in housing inventory compared to May. While this rise in available properties is a positive development, it’s important to note that inventory levels are still relatively low. This means that while buyers have more options than before, the market remains competitive.

Home Values Update

Despite the low inventory, home values in Las Vegas have remained fairly stable with a slight upward trend. This indicates continued demand and interest in the Las Vegas market, making it a favorable environment for sellers.

Current Market Trends

  • Increasing Inventory: The 9% increase in inventory from May to June provides more choices for buyers but also highlights the need for sellers to be strategic in their listings.
  • Stable Home Values: Home values have seen a modest increase, reflecting ongoing demand even with the low inventory levels.
  • Buyer Opportunities: With the increase in inventory, buyers have a better chance of finding their dream home. It’s an excellent time to explore the market, whether you’re looking for a family home, an investment property, or a new space to call your own.
  • Seller Strategies: Sellers need to highlight unique features, ensure excellent staging, and set competitive prices to attract buyers in a market that, while growing, still favors those who are well-prepared.

Las Vegas Market Snap Shot
TOTAL PROPERTIES AVAILABLE
Single family:  3,740
Condo/ Town homes: 1,333
High Rise Units: 410
Multi-Family, 2-4 Units:  53
Manufactured Homes: 62
TOTAL PROPERTIES IN ESCROW
Single family: 2,557
Condo/ Town homes: 716
High Rise Units:  78
Multi-Family: 2-4 
Units:  31
Manufactured Homes: 31
PROPERTIES SOLD IN MAY
Single family: 2,273
Condo/ Town homes: 659
High Rise Units:  63
Multi-Family, 2-4 
Units:  23
Manufactured Homes: 45
MEDIAN SALES PRICE FOR MAY
Single family: $479,490
Condo/ Town homes: $300,000
High Rise Units: $449,888
Multi-Family, 2-4 
Units:  $545,000
Manufactured Homes: $240,000
MEDIAN SOLD DOLLAR PER SQFT FOR MAY
Single family: $259 per sqft
Condo/  Town homes: $244 per sqft
High Rise Units:  $447 per sqft
Multi-Family, 2-4 
Units:  $191 per sqft
Manufactured Homes: $162 per sqft
SEARCH FOR

WHAT IS MY HOME WORTH?

Selling your home?
We’re here to help you price it right – get a comparative market analysis today.

Required fields are marked *