Las Vegas Real Estate Market

The city of Las Vegas is one of the nation’s most dynamic real estate markets. According to USA Today, Nevada is the second fastest growing market in the nation. Real estate is the real name of the game in Las Vegas, and there is a wide selection of Las Vegas property for sale. Buying a home in Las Vegas is easy, but if you want to stay on top of Las Vegas real estate market trends, bookmark this page.

Las Vegas Single-Family Home Prices

According to the Greater Las Vegas Association of Realtors (GLVAR). the median price of existing single-family homes sold in Southern Nevada in January 2019 was $300,000. A median is the halfway point, meaning that half all homes sold for more than $300,000 and half sold for less. Medians are not skewed by high-priced homes, which can easily tip the balance in average numbers.

Single-family houses for sale near las Vegas were priced 18% higher than the national median, which was $253,600 in December 2018 (see table below).

By comparison, prices of existing single-family homes sold in Southern Nevada peaked at $315,000 in June 2006. In January 2012, local home prices reached a post-recession bottom of $118,000.

Las Vegas Homes

$300,000
  • Median Price
  • 13.2% Year-over-Year
  • Jan. 2019 Existing Home Sales
Update
Source: Feb. 2019 GLVAR

U.S. Homes

$247,500
  • Median Price
  • 2.8% Year-over-Year
  • Jan. 2019 Existing Home Sales

Source: Feb. 2019 NAR

What $300,000 Buys You in Las Vegas

Below are two homes chosen from the Multiple Listing Service (MLS) priced at $300,000 for illustration purposes. Please keep in mind that final prices are negotiable. The first listing is a single-story, 3-bedroom/2 bathroom home located in the Alliante neighborhood of the Las Vegas metro area:

The second $300,000 listing is also a single story, 3-bedroom/2 bathroom home located in the North Las Vegas area:

Las Vegas Single-Family Home Sales

Buyers picked up 1,823 single-family homes in January, down 19% from December 2018, according to the Greater Las Vegas Association of Realtors (GLVAR).

Historically, 2017 was third-best year on record for existing home sales in Southern Nevada, with 46,598 properties sold. That was still below the record 48,798 existing properties sold in 2011, when post-recession prices were still artificially low.

Las Vegas Homes

1,823
  • Single Family Homes (SFRs) Sold
  • 19% Year-over-Year
  • Jan. 2019 Existing Homes
Update
Source: Feb. 2019 GLVAR

U.S. Homes

411,700
  • Single Family Homes (SFRs) Sold
  • 8.5% Year-over-Year
  • Jan. 2019 Existing Homes

Source: Feb. 2019 NAR

Las Vegas Single-Family Home Inventory

In a normal market, a six-month supply of houses for sale in Las Vegas is considered optimum. The supply for anyone looking to buy a home in “The Valley” is now four months. For a home buyer the good news is that Las Vegas is becoming a “buyer’s market” — with an accompanying softening of pricing.

Inventory has been tight for the past year or so, which means that there are fewer homes for sale than the market typically demands. For example, in September 2017, home inventory was 1.6 months, according to SalesTraq, which means inventory has more than doubled since then.

Las Vegas Homes

7,254
  • Inventory: SFR Properties for Sale
  • 95.1% Year-over-Year
  • 4.2 Months Inventory Supply
  • Jan. 2019 Existing Homes
Update
Source: Feb. 2019 GLVAR

U.S. Homes

1.59 million
  • Inventory: SFR Properties for Sale
  • 5% Year-over-Year
  • 3.9 Months Inventory Supply
  • Jan. 2019 Existing Homes

Source: Feb. 2019 NAR

Las Vegas Condo Prices

The Las Vegas real estate market offers an ample supply of condos, but like single family homes, condo prices are still rising. The median price of local condos and townhomes sold in January was $170,000. That was up 13.4% from January of 2018.

For historical perspective, in December 2017, condo prices were up 27% compared to a year earlier, with the median condo selling for $143,000

Las Vegas Condos

$170,000
  • Median Price
  • 13.4% Year-over-Year
  • Jan. 2019 Existing Condo Sales
Update
Source: Feb. 2019 GLVAR

U.S. Condos

$233,000
  • Median Price
  • 0.1% Year-over-Year
  • Jan. 2019 Existing Condo Sales

Source: Feb. 2019 NAR

Las Vegas Condo Sales

GLVAR reports that 482 condos and townhomes were sold in January, representing a decline of 19% from one year earlier.

Las Vegas Condos

482
  • Condos Sold
  • 19% Year-over-Year
  • Jan. 2019 Existing Homes
Update
Source: Feb. 2019 GLVAR

U.S. Condos

47,500
  • Condos Sold
  • 10% Year-over-Year
  • Jan. 2019 Existing Homes

Source: Feb. 2019 NAR

Las Vegas Condo Inventory

GLVAR reports that 1,703 condo and townhome properties were listed in January without any offers, representing a major jump of 169% compared to a year ago. By comparison, nationally, nationally, condo inventory only increased XX%.

If that trend continues this spring, it could presage a significant softening in condo prices.

Las Vegas Condos

1,703
  • Inventory: Condos for Sale
  • 169% Year-over-Year
  • Jan. 2019 Existing Homes
Update
Source: Feb. 2019 GLVAR

U.S. Condos

N.A.
  • Inventory: Condos for Sale
  • N.A.
  • Dec. 2018 Existing Homes

Source: Feb. 2019 NAR

Home Spotlight

This brand-new project is almost sold out, so act now. Be near great schools, parks, stores in Henderson, Nev., priced from the low $400s. As these images show, you get a beautifully appointed new home for about 30% more than the $300,000 median home price in Las Vegas.

Leave your name and email along with a message below or feel free to call me at 702-204-0922.

© 2019 Ronda Beese. All rights reserved.