Las Vegas boasts a strong housing market that is unique from other cities. The robust local economy which is influenced by the booming tourism industry, along with the fact that Las Vegas is now slated as the Sports Capital of the World, all fuel buyer and investor interest. This translates to a competitive environment for potential homebuyers which in turn influences real estate prices.
It is important to understand the local Las Vegas housing market if you are planning on moving to the area, or are an established resident looking to buy or sell a property. Since there can be a lot of conflicting information online and a variety of opinions on what is actually happening in the market, it can be tough to sort through and find credible sources. This is why Vegas Real Estate prefers to use and rely on current housing statistics and the Las Vegas REALTORS (LVR) Reports to assist you in making informed decisions.
Is Las Vegas Real Estate Overpriced?
According to a recent Yahoo Finance Study in June of 2024, Las Vegas is one of the most overpriced housing markets in the country. With that said, Las Vegas has a median sale price of just 1% higher than the national average, and the overall cost of living is 1% lower – according to Redfin. Real Estate values in Las Vegas increased significantly from 2021 – 2023 partly due to these factors:
- Pandemic Migration
- Low Interest rates
- Government Policy
- Investors
- iBuyers
- Increased Household Formations
Since last year (July of 2023), Las Vegas has remained a Seller’s Market. A Seller’s Market means prices tend to be higher and also sell faster. The Median Sold Price in July 2024 is $422,585. This is a difference of +22,588 – up almost 5.6% over last year. Here is an interesting chart of the Median Sold Price by Bedroom Count:
Median Sold Price By Bedroom Count
| Number of Beds | July 2023 | July 2024 | Change |
| 1 | $195K | $204.8K | +5.0% |
| 2 | $276.1K | $294.6K | +6.7% |
| 3 | $391.8K | $410K | +4.6% |
| 4 | $486.1K | $519.9K | +7.0% |
| 5 + | $642.4K | $700.3K | +9.0% |
The number of homes sold in July of 2024 is slightly up 3% over last July of 2023. Out of the 1,778 homes that sold, 929 of those homes were sold UNDER the asking price. So, 52% of all homes sold in July of 2024 sold below the asking price. This means if you are seeking to purchase a home in Las Vegas, you may be able to get a good deal. The number of days homes sat on the market also saw a notable change from last year. In July of 2023, homes sat on the market an average of 33 days. In July of 2024, that dropped to an average of 29 days, which was a change of 11%. This means that many homes are selling fast, so if you are planning to purchase, you may want to act quickly.
The statistics indicate that the housing market in Las Vegas is likely to remain competitive throughout 2024. It will continue to have high buyer demand and rising home values.
Rental Prices In Las Vegas
Rental prices in Las Vegas have also remained high relative to median income. The average rent for an apartment in Las Vegas is $1,448. The cost of rent varies depending upon several factors, including location, size, and quality of the property. The average size of an apartment is 895 square feet, but this number varies by unit type. There are budget-friendly and luxury alternatives for both houses and apartments. 19% of the rentals range from $1,000 to $1,500 per month. 30% of rentals range from $1,501 – $2,000 per month. 45% of rentals are in the $2,101 + range. The average price of a Studio Apartment is $865, which is up 2% over last year.
However, there are some rentals seeing a decline in price. The average price of a 1-bedroom is now $1,262, which is a decrease of 4% over last year. The average price of a 2-bedroom apartment is $1,471, which is also a 4% decrease over last year. The average price of rent in neighboring Henderson, Nevada is $1,504, which is an increase of 4% over the past year. Renter-occupied households equate to 46% and Owner-occupied households equate to 54% in Las Vegas.
Housing Market Trends In Las Vegas For The Remainder Of 2024
The Las Vegas market has been showing signs of a slight softening. The median sale price in July of 2024 was $480,000. This is slightly up 1% over the prior month. The median sale price is starting to show signs of flat growth. Additionally, the amount of inventory available is also increasing. The number of new listings in July of 2024 was 2,962 units, which is up a healthy 5% over the previous month and 26% over the prior year. As home prices flat-line and inventory continue to increase, the Las Vegas market will show a softening in the market, which will benefit home buyers allowing them more bargaining power.
