Market Updates · December 2024
Las Vegas Market Update: December 2024
By Matthew Gambill, Broker-Owner
This update covers Las Vegas data for December 2024. Report released .
More single-family homes closed in Las Vegas in December 2024 than were newly listed. Single-family closings were 1,811, up 10.0% from November, while new single-family listings were 1,754, down 18.0% (Las Vegas REALTORS, December 2024). Condo and townhome closings were 466, down 2.1%, and new listings were 608, down 16.6%.
Sources: Las Vegas REALTORS, December 2024; Zillow Observed Rent Index.
Key Numbers
Figures for December 2024, compared with November 2024 and December 2023.
| Metric | December 2024 | November 2024 | December 2023 | Change from November | Change from a year earlier |
|---|---|---|---|---|---|
| Single-family median sales price | $475,000 | $480,000 | n/a | down 1.0% | up 5.6% |
| Single-family homes sold | 1,811 | 1,647 | n/a | up 10.0% | up 19.3% |
| Single-family new listings | 1,754 | 2,138 | n/a | down 18.0% | up 16.9% |
| Single-family homes for sale without offers | 4,965 | 5,570 | n/a | down 10.9% | up 31.8% |
| Single-family months of supply | 2.7 | 3.4 | n/a | down 18.9% | up 10.5% |
| Single-family homes sold within 30 days (share) | 50.1% | 57.9% | 57.6% | down 7.8 points | down 7.5 points |
| Condo and townhome median sales price | $290,000 | $301,250 | n/a | down 3.7% | up 7.4% |
| Condos and townhomes sold | 466 | 476 | n/a | down 2.1% | up 0.6% |
| Condo and townhome new listings | 608 | 729 | n/a | down 16.6% | up 21.4% |
| Condos and townhomes for sale without offers | 1,763 | 1,856 | n/a | down 5.0% | up 55.6% |
| Condo and townhome months of supply | 3.8 | 3.9 | n/a | down 3.0% | up 54.6% |
| Condos and townhomes sold within 30 days (share) | 52.6% | 52.9% | 59.4% | down 0.3 points | down 6.8 points |
| Zillow Observed Rent Index (asking rent) | $1,714 | $1,714 | $1,687 | no change | up 1.6% |
Sources: Las Vegas REALTORS, December 2024 (home sales rows); Zillow Observed Rent Index (rent row). December 2023 levels shown as n/a are not available; changes from a year earlier are as printed by Las Vegas REALTORS.
Compared With December 2023
Single-family closings were up 19.3% from a year earlier, and condo and townhome closings were up 0.6% (Las Vegas REALTORS, December 2024). New single-family listings were up 16.9% from December 2023, and new condo and townhome listings were up 21.4%.
Fewer Homes for Sale Than in November
Single-family homes for sale without offers numbered 4,965, down 10.9% from November and up 31.8% from a year earlier. Condo and townhome inventory was 1,763, down 5.0% from November and up 55.6% from December 2023 (Las Vegas REALTORS, December 2024). Single-family months of supply was 2.7, against 3.4 in November, and the condo and townhome figure was 3.8, against 3.9.
Medians Below November
The single-family median sales price was $475,000, down 1.0% from November's $480,000 and up 5.6% from December 2023. The condo and townhome median was $290,000, down 3.7% from November and up 7.4% from a year earlier (Las Vegas REALTORS, December 2024).
Share Sold Within 30 Days
Of the single-family homes that closed, 50.1% sold within 30 days, down 7.8 points from November's 57.9%; the December 2023 share was 57.6%. The condo and townhome share was 52.6%, against 52.9% in November and 59.4% a year earlier.
December Asking Rents
The Zillow Observed Rent Index for the Las Vegas metro was $1,714, unchanged from November and up 1.6% from December 2023. It measures asking rents across all rental types.
For owners comparing a lease with a sale, December's market-wide figures were a $475,000 single-family median and 2.7 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 December 2024?
It was $475,000 for single-family homes, up 5.6% from a year earlier, according to Las Vegas REALTORS, December 2024. The condo and townhome median was $290,000.
How many homes sold in Las Vegas in December 2024?
According to Las Vegas REALTORS, December 2024, 1,811 single-family homes and 466 condos and townhomes closed.
What was the median rent in Las Vegas in December 2024?
The Zillow Observed Rent Index for the metro was $1,714, up 1.6% from a year earlier.
How many months of supply did Las Vegas have in December 2024?
Single-family homes had 2.7 months of supply and condos and townhomes had 3.8, according to Las Vegas REALTORS, December 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, December 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 December 1, 2024 through December 31, 2024.
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