Las Vegas Real Estate Market Report for April 2024

Las Vegas is truley an amazing city in so many regards including the real estate market.  Despite a sluggish economy, record high interest rates and limited inventory of homes for sale, the Las Vegas market continues to bussle with acitvity. Lets compare some numbers…..

  • New listings are finally on the rise with 3806 added in April compared to 3639 in March and also up from 3386 this time last year.
  • Closed sales also ticked up from 2623 in March to 2891 in April.
  • The median sales price continues to climb up from $430,000 in March to $435,000 in April and also up from $400,000 this time last year.
  • The average sales price also follows suit up from $535,000 in March to $542,000 in April and also up from $476,000 this time last year.
  • Homes are also commanding near list price with a 98.8% list to sales price ratio.
  • Days on market remain incredibly low at a meare 33 days.
  • And finally inentory remains tight with 2.1 months of supply. (4-6 months is typical)

Despite rising homes values, those numbers would be even higher today making it even less affordable for potential home buyers if it werent for the “new construction” housing market. With so much new and affordable home construction taking place (builders offering huge rate buy downs and concessions), it is this new construction market that is keeping a lid on re-sale values.  

If you would like to chat further about happenings in the Las Vegas market, give me a shout anytime otherwise, we’ll catch up again next month! (full market report below)

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