September 2024

Hi,

The Vegas real estate market is seeing some changes recently, and it’s worth paying attention to what’s happening. One key shift is the 11% increase in inventory over the past month. While this kind of jump doesn’t happen often, it’s a sign that the market is adjusting after a long period of extremely low inventory.

For a long time, we’ve been in a competitive market, where homes would get multiple offers quickly and often sell above asking price. Now, the increase in inventory suggests a cooling-off period.

This doesn’t mean the market is headed for a crash—it’s more of a natural move toward equilibrium. As we know, real estate markets go through cycles, and this could be the start of a stabilization phase. After years of low inventory and rapid growth, this adjustment is expected and helps bring balance between supply and demand.

From what I’ve observed, the Vegas market is realigning in a way we haven’t seen in a while, moving toward more balanced conditions. When interest rates decline, we’ll likely see renewed activity and momentum.

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Las Vegas Market Snap Shot

TOTAL PROPERTIES AVAILABLE

Single family: 5,097
Condo/ Town homes: 1,635
High Rise Units: 485
Multi-Family, 2-4 Units: 79
Manufactured Homes: 83

TOTAL PROPERTIES IN ESCROW

Single family: 2,064
Condo/ Town homes: 568
High Rise Units: 56
Multi-Family: 2-4 Units: 31
Manufactured Homes: 42

PROPERTIES SOLD IN SEPTEMBER

Single family: 2,083
Condo/ Town homes: 549
High Rise Units: 65
Multi-Family, 2-4 Units: 16
Manufactured Homes: 25

MEDIAN SALES PRICE FOR JULY

Single family: $481,386
Condo/ Town homes: $295,000
High Rise Units: $425,000
Multi-Family, 2-4 Units: $610,000
Manufactured Homes: $229,888

MEDIAN SOLD DOLLAR PER SQFT FOR JULY

Single family: $261 per sqft
Condo/ Town homes: $246 per sqft
High Rise Units: $463 per sqft
Multi-Family, 2-4 Units: $184 per sqft
Manufactured Homes: $170 per sqft

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