Is Las Vegas, NV a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2022
Since last year, Las Vegas has remained a Seller's Market.
Key Takeaway
Las Vegas is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Las Vegas, NV
How much do homes in Las Vegas, NV cost?
Median Sold Price
$400,023
$238/sqft
Difference Since November 2022
-$19,844(-4.7%)
Key Takeaway
Homes in Las Vegas have sold for 4.7% less than they did a year ago.
Summary: The median home sold price in Las Vegas was $400,023 in November 2023, down 4.7% from last year, and the median price per square foot was $238.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $205.2K | $198.9K | -3.1% |
| 2 Bedrooms | $292.5K | $281.9K | -3.6% |
| 3 Bedrooms | $412.3K | $393.9K | -4.5% |
| 4 Bedrooms | $513.7K | $495.1K | -3.6% |
| 5+ Bedrooms | $681K | $656.9K | -3.5% |
Summary: Las Vegas housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes decreased by 3.1%, 2 bedroom homes decreased by 3.6%, 3 bedroom homes decreased by 4.5%, 4 bedroom homes decreased by 3.6%, and 5+ bedroom homes decreased by 3.5%.
Median Sold Price Compared To Nearby Cities
| CITY | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| Clark | $530.1K | $511.6K | -3.5% |
| Las Vegas | $419.8K | $400K | -4.7% |
| North Las Vegas | $410.2K | $386.2K | -5.9% |
Housing Supply in Las Vegas, NV
How many homes are available in Las Vegas, NV?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 6,046 | 6,080 | +0.6% |
Summary: The Las Vegas real estate market had 6,080 homes for sale in November 2023, a 0.6% increase compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 298 | 304 | + 2.0% |
| 2 Bedrooms | 1,360 | 1,388 | + 2.1% |
| 3 Bedrooms | 2,296 | 2,230 | -2.9% |
| 4 Bedrooms | 1,489 | 1,529 | + 2.7% |
| 5+ Bedrooms | 603 | 629 | + 4.3% |
Summary: The Las Vegas housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 2%, 2 bedroom homes increased by 2.1%, 3 bedroom homes decreased by 2.9%, 4 bedroom homes increased by 2.7%, and 5+ bedroom homes increased by 4.3%.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 1,374 | 1,169 | -14.9% |
Asking Price vs. Sold Price
633 Homes Were Sold
Under Asking
310 Homes Were Sold
At Asking
226 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Las Vegas, you may be able to get a good deal. 54.1% of homes here sold below asking price last month.
Summary: A total of 1,169 homes were sold or pending in Las Vegas in November 2023, down by 14.9% month-over-month. Of the 1,169 sold homes, 54% were sold under asking, 27% were sold at asking, and 19% were sold over asking.
Days on Market for Las Vegas, NV
How long does it take to sell a home in Las Vegas, NV?
Average Sale Time
| Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|
| 43 Days | 30 Days | -30.6% |
Summary: Homes in Las Vegas had an average of 30 days on market in Nov 2023, down by 30.6% compared to last year.
Breakdown of Home Sale Times
784 Homes Were Sold
Under 30 Days
300 Homes Were Sold
In 30 - 90 Days
78 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Las Vegas are selling fast, if you're buying plan to act quickly.
Summary: During November 2023, 1169 homes were sold in Las Vegas; 67% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
Report Updated 19 Days Ago
As a seasoned real estate expert with a deep understanding of housing market dynamics, I'll delve into the intricate details of the article to provide comprehensive insights on the current real estate situation in Las Vegas, NV.
Las Vegas, NV Housing Market Analysis
Market Type: Las Vegas has consistently maintained a Seller's Market status since November 2022. In a Seller's Market, demand exceeds supply, resulting in higher prices and faster home sales.
Housing Prices:
- Median Sold Price: In November 2023, the median home sold price in Las Vegas was $400,023, indicating a 4.7% decrease from the previous year.
- Price per Square Foot: The median price per square foot was $238.
Median Sold Price by Bedroom Count:
- Prices for different bedroom types witnessed the following changes from November 2022 to November 2023:
- 1 Bedroom: -3.1%
- 2 Bedrooms: -3.6%
- 3 Bedrooms: -4.5%
- 4 Bedrooms: -3.6%
- 5+ Bedrooms: -3.5%
Median Sold Price Compared to Nearby Cities:
- Las Vegas experienced a 4.7% decrease in median sold price from November 2022 to November 2023. Compared to nearby cities like Clark and North Las Vegas, Las Vegas' housing market performed relatively better.
Housing Supply:
- In November 2023, Las Vegas had a total of 6,080 homes for sale, marking a 0.6% increase from October 2023.
- Breakdown by bedroom count:
- 1 Bedroom: +2.0%
- 2 Bedrooms: +2.1%
- 3 Bedrooms: -2.9%
- 4 Bedrooms: +2.7%
- 5+ Bedrooms: +4.3%
Number of Homes Sold:
- The total number of homes sold in Las Vegas decreased by 14.9% from October 2023 to November 2023.
Asking Price vs. Sold Price:
- 54.1% of homes sold below the asking price, indicating potential opportunities for buyers.
- 27% sold at the asking price, while 19% sold over the asking price.
Days on Market:
- The average sale time for homes in Las Vegas significantly decreased by 30.6% from 43 days in November 2022 to 30 days in November 2023.
- Breakdown of home sale times: 67% sold within 30 days, 26% sold within 30 to 90 days, and 7% sold over 90 days.
In summary, Las Vegas is currently experiencing a Seller's Market, characterized by decreased median home prices, increased housing supply, a decline in the number of homes sold, and a significant reduction in the average days on market. For potential buyers, this presents an opportunity to secure homes at potentially lower prices, especially considering that a significant portion of homes are selling below the asking price.
