Market Updates · February 2024
Las Vegas Market Update: February 2024
By Matthew Gambill, Broker-Owner
This update covers Las Vegas data for February 2024. Report released .
Asking rents in Las Vegas were unchanged from January in February 2024. The Zillow Observed Rent Index for the metro was $1,689, up 1.3% from a year earlier. Single-family closings were 1,896, up 28.2% from January (Las Vegas REALTORS, February 2024), and condo and townhome closings were 530, up 11.3%.
Sources: Las Vegas REALTORS, February 2024; Zillow Observed Rent Index.
Key Numbers
Figures for February 2024, compared with January 2024 and February 2023.
| Metric | February 2024 | January 2024 | February 2023 | Change from January | Change from a year earlier |
|---|---|---|---|---|---|
| Single-family median sales price | $460,000 | $445,000 | n/a | up 3.4% | up 8.2% |
| Single-family homes sold | 1,896 | 1,479 | n/a | up 28.2% | up 10.1% |
| Single-family new listings | 2,533 | 2,432 | n/a | up 4.2% | up 12.9% |
| Single-family homes for sale without offers | 3,471 | 3,551 | n/a | down 2.3% | down 25.6% |
| Single-family months of supply | 1.8 | 2.4 | n/a | down 23.8% | down 32.4% |
| Single-family homes sold within 30 days (share) | 56.1% | 52.5% | 41.1% | up 3.6 points | up 15.0 points |
| Condo and townhome median sales price | $283,000 | $275,000 | n/a | up 2.9% | up 11.0% |
| Condos and townhomes sold | 530 | 476 | n/a | up 11.3% | up 17.8% |
| Condo and townhome new listings | 738 | 781 | n/a | down 5.5% | up 19.8% |
| Condos and townhomes for sale without offers | 1,160 | 1,136 | n/a | up 2.1% | up 0.4% |
| Condo and townhome months of supply | 2.2 | 2.4 | n/a | down 8.3% | down 14.7% |
| Condos and townhomes sold within 30 days (share) | 56.0% | 55.9% | 49.3% | up 0.1 points | up 6.7 points |
| Zillow Observed Rent Index (asking rent) | $1,689 | $1,689 | $1,667 | no change | up 1.3% |
Sources: Las Vegas REALTORS, February 2024 (home sales rows); Zillow Observed Rent Index (rent row). February 2023 levels shown as n/a are not available; changes from a year earlier are as printed by Las Vegas REALTORS.
Rents Compared With a Year Earlier
The Zillow Observed Rent Index measures asking rents across all rental types. February's $1,689 was unchanged from January and up 1.3% from February 2023.
Medians Rose From January
The single-family median sales price was $460,000, up 3.4% from January's $445,000 and up 8.2% from February 2023. The condo and townhome median was $283,000, up 2.9% from January's $275,000 and up 11.0% from a year earlier (Las Vegas REALTORS, February 2024).
Sales, Listings and Inventory
Compared with February 2023, single-family closings were up 10.1% and condo and townhome closings were up 17.8%. Sellers listed 2,533 single-family homes, up 4.2% from January, and 738 condos and townhomes, down 5.5% from January (Las Vegas REALTORS, February 2024).
Single-family homes for sale without offers numbered 3,471, down 2.3% from January and down 25.6% from a year earlier. Condo and townhome inventory was 1,160, up 2.1% from January. Single-family months of supply was 1.8, against 2.4 in January, and the condo and townhome figure was 2.2, against 2.4.
Homes Sold Within 30 Days
Of the single-family homes that closed, 56.1% sold within 30 days, up 3.6 points from January's 52.5%; in February 2023 the share was 41.1%. The condo and townhome share was 56.0%, against 55.9% in January and 49.3% a year earlier (Las Vegas REALTORS, February 2024).
For owners weighing a lease against a sale, February offered a $460,000 single-family median and 1.8 single-family months of supply. These figures cover the whole market, so a single home can lease or sell for more or less.
Owners and Our Team
The Property Management Firm is a broker-owned, Nevada-licensed brokerage that primarily manages long-term residential rentals in Las Vegas, North Las Vegas and Henderson. We screen residents and take on the day-to-day work, and we check with you before larger repairs and before renewal terms are set. We hire professional photographers to take all of our marketing photos. Get a Free Rental Analysis, and we'll reply within one business day.
Frequently Asked Questions
What was the median home price in Las Vegas in February 2024?
It was $460,000 for single-family homes, up 8.2% from a year earlier, according to Las Vegas REALTORS, February 2024. The condo and townhome median was $283,000.
How many homes sold in Las Vegas in February 2024?
According to Las Vegas REALTORS, February 2024, 1,896 single-family homes and 530 condos and townhomes closed.
What was the median rent in Las Vegas in February 2024?
The Zillow Observed Rent Index for the metro was $1,689, up 1.3% from a year earlier.
How many months of supply did Las Vegas have in February 2024?
Single-family homes had 1.8 months of supply and condos and townhomes had 2.2, according to Las Vegas REALTORS, February 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, February 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 February 1, 2024 through February 29, 2024.
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