LAS VEGAS (KTNV) — Locals and transplants alike have seen the shifts in both home buying opportunities and prices across the the Las Vegas Valley. A new report is showing us the numbers behind the market, including one harking back to the 2008 crash.
Since the post-pandemic housing boom took off, peaks and slumps have undercut an overall steady price increase for buying in the valley. With the release of the April 2024 market report from Las Vegas Realtors, we have a closer look at buying and selling conditions.
Notably, there is a growing difference between the single-family home market and that of condos and townhouses in our area.
“Overall, demand continues to outpace the supply of homes here in Southern Nevada, and that’s driving up prices.” said LVR President Merri Perry. “Mortgage rates have been slowing down home sales this year, so it’s good to see more homes and condos selling,” Perry continued.
While the median price for single-family homes ($469,000) had increased 9.1% compared to last year, the number remained below an all-time peak of $482,000 in May 2022. Prices for condos and townhouses hit a new record in April, with a median price of $290,000 breaking the previous record of $287,000 (also set in May 2022).
So, prices are rising, even despite us seeing the slowest year for existing home sales since 2008 back in 2023. Last year, 29,069 existing homes sold, down from 35,584 in 2022 and far less than the record-breaking year of 2021 where there were 50,010 sales. Now, let's look at 2024 inventory and sales so far.
Inventory
Compared to 2023, there was a 7% decrease in the number of single-family homes without any offers. The situation in the same time frames is very different for condos and townhouses, where there was a 29.5% increase in those on the market without any offers.
3,476 single-family homes had no offers
1,248 condos and townhouses had no offers
2,960 existing local homes, condos and townhomes sold in April
Sales
Cash is king, an unofficial motto in Las Vegas, continues to ring true with an increase of 22.3% of all cash transactions for homes in the valley compared to 2023. LVR reports this number remains far below the all time peak of cash buys set in May 2013, where 59.% of transactions were cash.
Compared to the same time frame in 2023, the overall value of home sales has increased 35.4% for single-family homes and 28.5% for condos and townhouses.
