As the curtain closed on 2024, the Las Vegas housing market experienced a slight dip in prices during December, yet still posted significant year-over-year gains.
Median Prices in December
According to data released by Las Vegas Realtors (LVR), the median price of single-family homes in the valley was $475,000 in December, while condominiums and townhomes recorded a median price of $290,000. The median price represents the midpoint of all sales, where half of the homes sold for more and half for less.
Although single-family home prices dipped by $5,000 from the previous month, they held steady compared to two months ago. Meanwhile, condo and townhome prices saw a more pronounced decline, dropping $25,000 from their October peak of $315,000.
Impressive Annual Growth
Despite these late-year adjustments, the market showed resilience in the face of rising interest rates. Single-family home prices rose 5.6% compared to December 2023’s median price of $449,900. Condos and townhomes appreciated by an even more robust 7.4% from $270,000 a year ago.
The sustained price growth highlights the market’s ability to navigate economic pressures and maintain upward momentum throughout the year.
Inventory and Sales Activity
Inventory levels increased notably as 2024 progressed. By the end of December, there were 4,965 single-family homes listed for sale without offers, marking a 31.8% rise from the previous year. Similarly, 1,763 condos and townhomes were available, a 55.6% jump year-over-year.
Despite these gains in inventory, demand remained robust. LVR reported that 74.5% of single-family homes and 75.8% of condos/townhomes sold within 60 days of listing, demonstrating steady buyer activity even in a traditionally slow month.
Annual Sales Figures
A total of 31,305 existing homes, condos, and townhomes changed hands through LVR’s Multiple Listing Service in 2024, an increase from 29,069 in 2023. While still below pre-pandemic peaks, this growth signals a recovery from the slowest sales year since 2008.
December alone saw single-family home sales totaling approximately $1.1 billion and condos/townhomes generating $144 million in sales volume.
Interest Rates and Market Stability
As of early January, the average 30-year fixed mortgage rate in Nevada stood at 7.13%, according to Bankrate.com. While higher rates could have dampened demand, the Las Vegas housing market has remained stable, thanks in part to increased inventory and consistent buyer interest.
Insights from LVR Leadership
George Kypreos, the newly appointed president of LVR, noted that December’s data reflects the market’s typical seasonal slowdown but also underscores its overall health.
“All things considered, I think this month’s LVR statistics paint a picture of a fairly stable and relatively healthy housing market heading into 2025,” Kypreos said. “Buyers are benefiting from steady prices and more options compared to last year.”
Looking Ahead
As we step into 2025, the Las Vegas real estate market appears poised for continued stability. While affordability remains a concern amid higher mortgage rates, the combination of rising inventory and resilient demand suggests a balanced market environment for the year ahead.
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