The Las Vegas real estate market is always evolving, so keeping up with key trends can make a huge difference for buyers and sellers.
Whether you’re a homebuyer, home seller, or investor, understanding market indicators like days on the market, median sales prices, and inventory levels can help you make informed decisions.
What’s Happening in the Las Vegas Real Estate Market?
1. Days on Market: How Long Are Homes Sitting?
One of the biggest indicators of a market’s strength is how long homes sit before they sell. In a hot market, homes move quickly—sometimes in just three days.
Right now, the median days on the market are 72 days. That’s not lightning-fast, but it’s not exceptionally long, either. Homes in prime condition, priced right, are still selling faster, sometimes within a week. On the other hand, overpriced listings tend to linger, making sellers adjust their expectations.
2. Median Home Prices: Are They Up or Down?
As of the latest data:
- Median home price: $475,000 (down slightly from November’s $480,000)
- Year-over-year comparison: Up from $450,000 in December 2023
- Market fluctuation: Small dips and rebounds, but overall stable
While prices aren’t skyrocketing, they remain strong—up about 5-6% compared to last year, which is in line with historical averages.
3. A Shift in Seasonal Trends
Typically, real estate slows down in October, November, and December, with activity picking up in January. But in December 2024, we saw 1,800 home sales, an increase from 1,500 in December 2023—breaking the usual trend of a holiday season slowdown.
Why? Many buyers are jumping in early, anticipating changes due to the 2024 election year. This early movement suggests increased competition in the first quarter of 2025.
4. Inventory Levels: More Homes, But Still Limited Supply
Current active listings:
- 5,000 single-family homes (about 7,000 total homes including condos and townhomes)
- December 2023 comparison: 3,800 homes were available
Even though we have more homes on the market than last year, the supply is still relatively low, keeping competition healthy.
Why Buyers Should Act Now
One major factor to consider is interest rates. Historically, when rates drop 1%, about 5 million more buyers enter the market nationwide. This means:
- If you’re thinking of buying, locking in a home now might give you a better chance before demand increases.
- If rates drop later in 2025, competition will intensify, making homes harder to secure and possibly driving up prices.
Final Thoughts: Smart Moves for 2025
For sellers, homes priced right and move-in ready are still moving fast. Overpricing will extend days on the market, leading to price cuts later.
For buyers, while inventory is slightly higher, competition will rise once rates start to dip. Acting early could mean securing a home before bidding wars heat up.
If you’re considering buying or selling in the Las Vegas market, now is a key time to strategize. Contact The Real Estate Guy to make the most of the current trends and prepare for what’s ahead.
