Market Updates · April 2024
Las Vegas Market Update: April 2024
By Matthew Gambill, Broker-Owner
This update covers Las Vegas data for April 2024. Report released .
Fewer single-family homes were for sale in Las Vegas in April 2024 than a year earlier, while condo and townhome inventory was higher. Single-family homes for sale without offers numbered 3,476, down 7.0% from April 2023 (Las Vegas REALTORS, April 2024). Condo and townhome inventory was 1,248, up 29.5%.
Sources: Las Vegas REALTORS, April 2024; Zillow Observed Rent Index.
Key Numbers
Figures for April 2024, compared with March 2024 and April 2023.
| Metric | April 2024 | March 2024 | April 2023 | Change from March | Change from a year earlier |
|---|---|---|---|---|---|
| Single-family median sales price | $469,000 | $465,000 | n/a | up 0.9% | up 9.1% |
| Single-family homes sold | 2,339 | 2,082 | n/a | up 12.3% | up 19.2% |
| Single-family new listings | 2,874 | 2,724 | n/a | up 5.5% | up 17.3% |
| Single-family homes for sale without offers | 3,476 | 3,323 | n/a | up 4.6% | down 7.0% |
| Single-family months of supply | 1.5 | 1.6 | n/a | down 6.9% | down 22.0% |
| Single-family homes sold within 30 days (share) | 68.5% | 62.5% | 53.6% | up 6.0 points | up 14.9 points |
| Condo and townhome median sales price | $290,000 | $282,500 | n/a | up 2.7% | up 7.4% |
| Condos and townhomes sold | 621 | 590 | n/a | up 5.3% | up 16.1% |
| Condo and townhome new listings | 866 | 864 | n/a | up 0.2% | up 23.0% |
| Condos and townhomes for sale without offers | 1,248 | 1,179 | n/a | up 5.9% | up 29.5% |
| Condo and townhome months of supply | 2.0 | 2.0 | n/a | up 0.6% | up 11.5% |
| Condos and townhomes sold within 30 days (share) | 66.2% | 56.3% | 58.1% | up 9.9 points | up 8.1 points |
| Zillow Observed Rent Index (asking rent) | $1,697 | $1,690 | $1,677 | up 0.4% | up 1.2% |
Sources: Las Vegas REALTORS, April 2024 (home sales rows); Zillow Observed Rent Index (rent row). April 2023 levels shown as n/a are not available; changes from a year earlier are as printed by Las Vegas REALTORS.
Months of Supply Against April 2023
Single-family months of supply was 1.5, down 22.0% from a year earlier, and the condo and townhome figure was 2.0, up 11.5% from April 2023 (Las Vegas REALTORS, April 2024). From March, single-family inventory was up 4.6% and condo and townhome inventory was up 5.9%.
Closings and New Listings
Single-family closings were 2,339, up 12.3% from March and up 19.2% from April 2023. Condo and townhome closings were 621, up 5.3% from March and up 16.1% from a year earlier (Las Vegas REALTORS, April 2024). Sellers listed 2,874 single-family homes, up 17.3% from April 2023, and 866 condos and townhomes, up 23.0%.
April Median Prices
The single-family median sales price was $469,000, up 0.9% from March's $465,000 and up 9.1% from a year earlier. The condo and townhome median was $290,000, up 2.7% from March's $282,500 and up 7.4% from April 2023 (Las Vegas REALTORS, April 2024).
Share Sold in 30 Days
Of the single-family homes that closed, 68.5% sold within 30 days, against 62.5% in March and 53.6% in April 2023. The condo and townhome share was 66.2%, against 56.3% in March and 58.1% a year earlier.
April Rents
The Zillow Observed Rent Index for the Las Vegas metro was $1,697, up 0.4% from March and up 1.2% from April 2023, across all rental types.
For owners weighing a sale against a lease, April's market-wide figures were a $469,000 single-family median and 1.5 single-family months of supply. A single home can lease or sell for more or less.
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Frequently Asked Questions
What was the median home price in Las Vegas in April 2024?
It was $469,000 for single-family homes, up 9.1% from a year earlier, according to Las Vegas REALTORS, April 2024. The condo and townhome median was $290,000.
How many homes sold in Las Vegas in April 2024?
According to Las Vegas REALTORS, April 2024, 2,339 single-family homes and 621 condos and townhomes closed.
What was the median rent in Las Vegas in April 2024?
The Zillow Observed Rent Index for the metro was $1,697, up 1.2% from a year earlier.
How many months of supply did Las Vegas have in April 2024?
Single-family homes had 1.5 months of supply and condos and townhomes had 2.0, according to Las Vegas REALTORS, April 2024.
Do these numbers apply to my neighborhood?
Not directly. They're market-wide figures, and results for a single home can differ by neighborhood and by the home itself.
Sources
Las Vegas REALTORS, April 2024: home prices, sales, listings, inventory and months of supply
Zillow Observed Rent Index (ZORI), Las Vegas metro, smoothed and seasonally adjusted: asking rents
Related Reading
About the Author
Matthew Gambill is a Broker-Owner of The Property Management Firm, a Nevada-licensed brokerage that primarily manages long-term residential rentals in Las Vegas, North Las Vegas and Henderson. Meet the brokers.
This is general market information, not financial or legal advice. Market-wide figures can be revised and won't match every home, so talk with a licensed professional about your own situation.
Based on information from the Greater Las Vegas Association of REALTORS® Multiple Listing Service for the period April 1, 2024 through April 30, 2024.
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