Following Slowest Year in Decade, Las Vegas Home, Condo Sales Rebound in January 2024
LAS VEGAS, NV – With 2023 representing the slowest year for real estate in Las Vegas in over a decade, January 2024 showed a significant rebound with both home and condominium sales improving significantly, giving experts hope that the upcoming year will show great improvement as the national economy continues to stabilize.
According to a new report by Las Vegas Realtors, the prices of homes were higher – and the inventory lower – last month when compared to January 2023. The median sales price of an existing single-family home in January was $445,000, which represents an approximate 5 percent increase year-over-year. In addition, the median sales price of condominiums and townhomes in Las Vegas in January was $275,000, nearly a 9 percent increase from the same month one year prior.
Merri Perry, President of Las Vegas Realtors, noted that the escalating economy – coupled with the affordability factor that has long been associated with Las Vegas – is contributing to the improvements in the local real estate market in the new year.
Over the past few months, we’ve seen benefits from lower interest rates and relatively stable home prices here in Southern Nevada,” she said. “Now, if we could just get more homes on the market, we’d really be in good shape.”
Sales of homes, condominiums, and townhomes in Las Vegas totaled almost 2,000 in total in January, representing an approximate 12 percent increase in home sales year-over-year, and a 20 percent increase for condos in townhomes.
At the end of last month there were over 3,555 single-family homes for sale on the open market without any offers, which is a whopping 35 percent decrease from January 2023; in addition, there were more than 1,130 condos and townhomes listed for sale without offers, which is an 8 percent decrease.
The total combined value of all Las Vegas-based real estate transactions in January was more than $842 million for homes – a year-over-year increase of 19.6 percent – and approximately $139 million for condos and townhomes, up 17 percent.
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