LAS VEGAS – A report released Friday by Las Vegas REALTORS® (LVR) shows local home prices inching closer to an all-time record, with more homes being sold and more available for sale than last year at this time.
LVR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during November was $480,000. That’s up 6.7% from $450,000 in November of 2023 – and just short of the all-time record of $482,000 set in May of 2022.
Meanwhile, the median price of local condos and townhomes sold in November was $301,250. That was down from the previous month’s record high of $315,000. November’s median price was still up 9.5% from $275,000 during the same month last year.
LVR President Merri Perry, a longtime local REALTOR®, said “increases in the number of homes available for sale and in the number of properties being sold this year are good signs for our housing market heading into 2025.”
By the end of November, LVR reported 5,570 single-family homes listed for sale without any sort of offer. That’s up 28.0% from one year earlier. Meanwhile, the 1,856 condos and townhomes listed without offers in November represent a 47.2% increase from one year earlier.
LVR reported a total of 2,123 existing local homes, condos and townhomes sold in November. Compared to November 2023, sales were up 14.8% for homes and up 3.7% for condos and townhomes. The sales pace in November equates to a housing supply of about three and a half months. That’s up from last year at this time, when Southern Nevada had less than a three-month housing supply.
For most of 2024, home sales have been ahead of the pace set in 2023, which was the slowest year for existing local home sales since 2008. LVR reported a total of 29,069 sales of existing local homes, condos and townhomes in 2023. That was down from 35,584 total sales in 2022. That followed a record year for existing local home sales in 2021, when LVR reported 50,010 total properties were sold.
During November, LVR found that 24.9% of all local property sales were cash transactions. That’s down from 29.8% one year ago and well below the November 2013 cash buyer peak of 59.5%.
The number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 0.9% of all existing local property sales in November. That compares to 1.1% one year ago, 0.5% two years ago, 0.6% three years ago, 0.8% four years ago and 2.0% five years ago.
These LVR statistics include activity through the end of November 2024. LVR distributes statistics each month based on data collected through its MLS, which does not account for all newly constructed homes sold by local builders or homes for sale by owners. Other highlights include:
- The total value of local real estate transactions tracked through the MLS during November was more than $987 million for homes and more than $152 million for condos, high-rise condos and townhomes. Compared to one year earlier, total sales values in November were up 18.2% for homes and up 14.0% for condos and townhomes.
- In November, 79.3% of all existing local homes and 77.9% of all existing local condos and townhomes sold within 60 days. That compares to one year earlier, when 83.0% of all homes and 88.2% of all condos and townhomes sold within 60 days.
About LVR
Las Vegas REALTORS® (formerly known as GLVAR) was founded in 1947 and provides its nearly 16,000 local members with education, training and political representation. The local representative of the National Association of REALTORS®, LVR is the largest professional organization in Southern Nevada. Each member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit www.LasVegasRealtor.com.
