January 2024 Housing Statistics

January 2024 Housing Statistics

The Las Vegas housing market is facing some familiar challenges as we step into 2024.

Prices of existing single-family homes in Southern Nevada saw a modest drop from December, settling at $445,000 in January. However, this figure represents a noticeable 4.7% increase from January 2023, when the median price was $425,000. Similarly, condos and townhomes experienced a 7.8% increase in median prices, reaching $275,000 in January.

One persistent challenge continues to be the tight housing supply. At the end of January, LVR reported 3,551 single-family homes listed for sale without any offers—a significant 34.8% decline from the previous year. The same trend was noted in condos and townhomes, which saw a 7.9% decrease in listings without offers. Mortgage interest rates are playing a pivotal role in these market dynamics.

January’s sales figures show promise, with a total of 1,955 existing local homes, condos, and townhomes changing hands. However, this heightened sales pace resulted in a local housing supply of less than two and a half months—a significant drop from the nearly four-month supply recorded just a year earlier.

Looking at the year as a whole, 2023 emerged as the slowest for existing local home sales since 2008, with 29,069 sales reported—a decline from the 35,584 total sales in 2022. This followed a record-breaking year in 2021 when LVR reported over 50,000 total properties sold—a significant milestone in the local real estate landscape.

As Las Vegas grapples with rising prices, limited inventory, and fluctuating interest rates, industry experts are cautiously optimistic about a potential rebound in 2024. The delicate balance between these factors will undoubtedly shape the trajectory of the market in the coming months, and stakeholders will be keenly watching for signs of a sustained recovery.

Contact Zak for more analytics and details regarding your specific real estate interests.

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