Market Updates · August 2024
Las Vegas Market Update: August 2024
By Matthew Gambill, Broker-Owner
This update covers Las Vegas data for August 2024. Report released .
Single-family closings in Las Vegas were above a year earlier in August 2024, while condo and townhome closings were below. Single-family closings were 2,138, up 6.4% from August 2023, and condo and townhome closings were 573, down 10.5% (Las Vegas REALTORS, August 2024). From July, single-family closings were down 0.3% and condo and townhome closings down 7.4%.
Sources: Las Vegas REALTORS, August 2024; Zillow Observed Rent Index.
Key Numbers
Figures for August 2024, compared with July 2024 and August 2023.
| Metric | August 2024 | July 2024 | August 2023 | Change from July | Change from a year earlier |
|---|---|---|---|---|---|
| Single-family median sales price | $476,875 | $480,000 | n/a | down 0.7% | up 6.6% |
| Single-family homes sold | 2,138 | 2,145 | n/a | down 0.3% | up 6.4% |
| Single-family new listings | 3,153 | 2,962 | n/a | up 6.4% | up 19.4% |
| Single-family homes for sale without offers | 5,268 | 4,634 | n/a | up 13.7% | up 35.7% |
| Single-family months of supply | 2.5 | 2.2 | n/a | up 14.1% | up 27.5% |
| Single-family homes sold within 30 days (share) | 66.8% | 69.9% | 69.8% | down 3.1 points | down 3.0 points |
| Condo and townhome median sales price | $292,000 | $296,000 | n/a | down 1.4% | up 1.7% |
| Condos and townhomes sold | 573 | 619 | n/a | down 7.4% | down 10.5% |
| Condo and townhome new listings | 897 | 826 | n/a | up 8.6% | up 23.9% |
| Condos and townhomes for sale without offers | 1,640 | 1,481 | n/a | up 10.7% | up 67.7% |
| Condo and townhome months of supply | 2.9 | 2.4 | n/a | up 19.6% | up 87.3% |
| Condos and townhomes sold within 30 days (share) | 61.1% | 61.6% | 73.0% | down 0.5 points | down 11.9 points |
| Zillow Observed Rent Index (asking rent) | $1,712 | $1,709 | $1,667 | up 0.2% | up 2.7% |
Sources: Las Vegas REALTORS, August 2024 (home sales rows); Zillow Observed Rent Index (rent row). August 2023 levels shown as n/a are not available; changes from a year earlier are as printed by Las Vegas REALTORS.
Inventory Rose From July
Single-family homes for sale without offers numbered 5,268, up 13.7% from July and up 35.7% from August 2023 (Las Vegas REALTORS, August 2024). Condo and townhome inventory was 1,640, up 10.7% from July and up 67.7% from a year earlier. Single-family months of supply rose to 2.5 from 2.2, and the condo and townhome figure rose to 2.9 from 2.4.
New Listings and Median Prices
Sellers listed 3,153 single-family homes, up 6.4% from July and up 19.4% from August 2023, and 897 condos and townhomes, up 8.6% from July. The single-family median was $476,875, down 0.7% from July's $480,000 and up 6.6% from a year earlier. The condo and townhome median was $292,000, down 1.4% from July's $296,000 and up 1.7% from August 2023 (Las Vegas REALTORS, August 2024).
The 30-Day Share Slipped
Of the single-family homes that closed, 66.8% sold within 30 days, down 3.1 points from July's 69.9%; the August 2023 share was 69.8%. The condo and townhome share was 61.1%, down 0.5 points from July, against 73.0% a year earlier (Las Vegas REALTORS, August 2024).
August Asking Rents
The Zillow Observed Rent Index for the Las Vegas metro was $1,712, up 0.2% from July and up 2.7% from August 2023. It measures asking rents across all rental types.
For owners comparing a sale with a lease, August offered a $476,875 single-family median and 2.5 single-family months of supply, with asking rents up 2.7% on the year. These are market-wide figures, so 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 August 2024?
It was $476,875 for single-family homes, up 6.6% from a year earlier, according to Las Vegas REALTORS, August 2024. The condo and townhome median was $292,000.
How many homes sold in Las Vegas in August 2024?
According to Las Vegas REALTORS, August 2024, 2,138 single-family homes and 573 condos and townhomes closed.
What was the median rent in Las Vegas in August 2024?
The Zillow Observed Rent Index for the metro was $1,712, up 2.7% from a year earlier.
How many months of supply did Las Vegas have in August 2024?
Single-family homes had 2.5 months of supply and condos and townhomes had 2.9, according to Las Vegas REALTORS, August 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, August 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 August 1, 2024 through August 31, 2024.
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