How’s The Las Vegas Housing Market?

Updated on: Jul 09, 2023
Written by: Travis French

Las Vegas housing market stats:

Our view on the current Las Vegas housing market:

Updated on: Jul 09, 2023

In the market, June felt mundane. Showings at our listings were steady, but buyers in the market were serious, and competition low, exactly as the monthly data shows.

Going forward, you can expect continued volatility in a mortgage rate-driven market. We don’t anticipate seeing huge market moves in prices or availability but expect the pace of sales in July to remain low.

Last week, mortgage rates reached 7.22% due to positive job numbers raising concerns about additional Fed Rate raises. In previous months, each rate jump reverberated through the market with a subsequent buyer slowdown. We don’t anticipate this one to be different.

Thankfully for home prices, new listings have remained at a pace of roughly 2,500 homes a month. It’s enough to support current buyers at this level but not oversaturate the market.

May 2023 Las Vegas Housing Report:

Published on July 9, 2023

Home Sales, Prices, and Listings Remained Steady in June

The median home price in June declined by $1,000 after May’s big price jump.

Quick Facts

(compares to previous month)

Median Home Price

$440,990

-0.25%

# Homes Sold

2,293

-0.99%

Avg Days on Market

-2 Days

2,293 Single-Family Homes Sold

Prior Year: 2,668
-14.06% vs. Prior Year
-0.99% vs. Prior Month

2,293 single-family homes sold in June across the Las Vegas Valley. The median price per square foot was $239.83 for 1,923 square feet.

$440,990 Median Sales Price

Prior Year: $480,000
-8.13% vs. Prior Year
-0.25% vs. Prior Month

The median home price in the Las Vegas Valley declined by roughly $1,000 from last month to $440,990. June 2022 began the decline of the market from its May peak.

2,617 New Listings

Prior Year: 4,674
-44.01% vs. Prior Year
+0.50% vs. Prior Month

June’s decline in new listings of 44% is the biggest in our five years of record. June’s listing slowdown surpassed the peak pandemic slowdown in April 2020 of -41.61%.

3,680 Available Units

Prior Year: 4,674
-25.48% vs. Prior Year
+1.97% vs. Prior Month

The Las Vegas housing market currently has 1.6 months of supply. If no new homes entered the market, the current supply would last less than two months.

The Condo/Townhouse Market

646
Units Sold

-12.2% vs. Prior Year
-5.5% vs. Prior Month

$275,000
Median Price

-1.8% vs. Prior Year
UNCH vs. Prior Month

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About the author

Travis French

On a 750-mile trek across 4 states, I felt the void: good info on places to live was missing. So, I started gathering. Today, I'm still searching for my perfect place alongside you and adding each bit of helpful information I discover along the way. —Writer, Home Advisor, & Owner of First&Sold. NVRED Lic #S.0182305