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Las Vegas Real Estate Market Update - January 2024

Las Vegas continues to show dynamic shifts in its real estate landscape as we delve into the numbers for January 2024. Let's explore the latest data without falling into the trap of repetition or borrowed content.

Single Family Homes:

The median price for single-family homes in Las Vegas for January 2024 stood at $445,000, slightly lower than December's $449,900. However, in comparison to January 2023, this represents a notable increase from $425,000.

Las Vegas Housing Market Snapshot - January 2024. Source: LVR

Throughout January 2024, 1,479 single-family homes changed hands, reflecting a slight dip of 2.6% from December's figures. Yet, this figure is substantially higher by 11.6% compared to January 2023.

The inventory of single-family homes stood at 2.4 months by the end of January, indicating a significant decrease of 41.6% from the same period in 2023. Furthermore, it saw a marginal decline of 3.2% from the preceding month.

In terms of swift sales, 52.5% of single-family units were off the market within 30 days in January. While this number is slightly down from December, it is a substantial increase from the previous year.

The average time a single-family home spent on the market in the Greater Las Vegas Area remained consistent at 40 days in January, mirroring the figures from the previous month.

Condos and Townhomes:

Turning our attention to condos and townhomes, January 2024 saw a median price increase to $275,000, up from December's $270,000. This represents a noticeable uptick from January 2023, where the median price stood at $255,000.

During January, 476 condo and townhome units were sold, with 1,136 units available by month-end, resulting in 2.4 months of inventory on the market.

Similar to single-family homes, a significant portion of condos and townhomes (55.9%) were sold within 30 days in January, although this percentage saw a slight decrease from December.

Condo & Townhouse Housing Market Snapshot - January 2024. Source: LVR

The average time on market for condo and townhome units in the Greater Las Vegas Area remained stable at approximately 36 days, maintaining consistency with the previous month's figures.

In conclusion, the Las Vegas real estate market maintains its vigor, showing resilience and growth across both single-family homes and condo/townhome sectors, albeit with minor fluctuations.


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