LAS VEGAS – A report released Wednesday by Las Vegas REALTORS® (LVR) shows an increasing number of local homes available for sale, with record prices for condos and townhomes as sales increased from the previous month and year.
LVR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during October was $475,531. That’s up 5.9% from $449,000 in October of 2023, but still below the all-time record of $482,000 set in May of 2022.
The median price of local condos and townhomes sold in October set another record high, at $315,000. That’s up 14.3% from $275,500 in October 2023 and beats the previous high of $299,500 set in September.
LVR President Merri Perry, a longtime local REALTOR®, said “it will be interesting to see what happens to the housing market now that the election is ending, since many national reports have suggested that uncertainty surrounding the election has made many would-be buyers pause their plans. As this month’s report shows, recent trends are showing steady increases in inventory and sales surpassing last year’s levels.”
By the end of October, LVR reported 5,784 single-family homes listed for sale without any sort of offer. That’s up 37.3% from one year earlier. Meanwhile, the 1,799 condos and townhomes listed without offers in October represent a 50.5% increase from one year earlier.
LVR reported a total of 2,458 existing local homes, condos and townhomes sold in October. Compared to October 2023, sales were up 12.9% for homes and up 13.9% for condos and townhomes. The sales pace in October equates to a housing supply of just over three months. That’s up from last year at this time, when Southern Nevada had just over a two-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 October, LVR found that 23.3% of all local property sales were cash transactions. That’s down from 26.6% one year ago and well below the October 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 October. That compares to 1.4% one year ago, 0.3% two years ago, 0.3% three years ago, 0.9% four years ago and 2.4% five years ago.
These LVR statistics include activity through the end of October 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 October was more than $1.1 billion for homes and nearly $171 million for condos, high-rise condos and townhomes. Compared to one year earlier, total sales values in October were up 21.7% for homes and up 18.8% for condos and townhomes.
- In October, 79.8% of all existing local homes and 80.0% of all existing local condos and townhomes sold within 60 days. That compares to one year earlier, when 84.5% of all homes and 85.4% 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.
