Market Updates · January 2024
Las Vegas Market Update: January 2024
By Matthew Gambill, Broker-Owner
This update covers Las Vegas data for January 2024. Report released .
Fewer homes were for sale in Las Vegas in January 2024 than a year earlier. Single-family homes for sale without offers numbered 3,551, down 34.8% from January 2023, and condo and townhome inventory was 1,136, down 7.9% (Las Vegas REALTORS, January 2024). Single-family months of supply was 2.4, down 41.6% from a year earlier.
Sources: Las Vegas REALTORS, January 2024; Zillow Observed Rent Index.
Key Numbers
Figures for January 2024, compared with December 2023 and January 2023.
| Metric | January 2024 | December 2023 | January 2023 | Change from December | Change from a year earlier |
|---|---|---|---|---|---|
| Single-family median sales price | $445,000 | n/a | n/a | down 1.1% | up 4.7% |
| Single-family homes sold | 1,479 | n/a | n/a | down 2.6% | up 11.6% |
| Single-family new listings | 2,432 | n/a | n/a | up 62.1% | down 1.8% |
| Single-family homes for sale without offers | 3,551 | n/a | n/a | down 5.7% | down 34.8% |
| Single-family months of supply | 2.4 | n/a | n/a | down 3.2% | down 41.6% |
| Single-family homes sold within 30 days (share) | 52.5% | 57.6% | 38.5% | down 5.1 points | up 14.0 points |
| Condo and townhome median sales price | $275,000 | n/a | n/a | up 1.9% | up 7.8% |
| Condos and townhomes sold | 476 | n/a | n/a | up 2.8% | up 19.6% |
| Condo and townhome new listings | 781 | n/a | n/a | up 55.9% | up 22.6% |
| Condos and townhomes for sale without offers | 1,136 | n/a | n/a | up 0.3% | down 7.9% |
| Condo and townhome months of supply | 2.4 | n/a | n/a | down 2.5% | down 23.0% |
| Condos and townhomes sold within 30 days (share) | 55.9% | 59.4% | 43.0% | down 3.5 points | up 12.9 points |
| Zillow Observed Rent Index (asking rent) | $1,689 | $1,687 | $1,660 | up 0.1% | up 1.7% |
Sources: Las Vegas REALTORS, January 2024 (home sales rows); Zillow Observed Rent Index (rent row). December 2023 levels shown as n/a are not available; changes from December are as printed by Las Vegas REALTORS. January 2023 levels shown as n/a are not available; changes from a year earlier are as printed by Las Vegas REALTORS.
Supply Compared With December
From December, single-family inventory was down 5.7% and condo and townhome inventory was up 0.3% (Las Vegas REALTORS, January 2024). Single-family months of supply was down 3.2% from December. The condo and townhome figure was 2.4, down 2.5% from December and down 23.0% from January 2023.
New Listings Rose From December
Sellers listed 2,432 single-family homes, up 62.1% from December and down 1.8% from January 2023. New condo and townhome listings were 781, up 55.9% from December and up 22.6% from a year earlier (Las Vegas REALTORS, January 2024).
Closings and Median Prices
Single-family closings were 1,479, down 2.6% from December and up 11.6% from January 2023, and condo and townhome closings were 476, up 2.8% from December and up 19.6% from a year earlier. The single-family median sales price was $445,000, down 1.1% from December and up 4.7% from January 2023. The condo and townhome median was $275,000, up 1.9% from December and up 7.8% from a year earlier (Las Vegas REALTORS, January 2024).
The 30-Day Share Fell From December
Of the single-family homes that closed, 52.5% sold within 30 days, down 5.1 points from December's 57.6%; a year earlier the share was 38.5%. The condo and townhome share was 55.9%, down 3.5 points from December's 59.4%, against 43.0% in January 2023.
Asking Rents in January
The Zillow Observed Rent Index for the Las Vegas metro was $1,689, up 0.1% from December and up 1.7% from January 2023. It covers asking rents across all rental types.
If you're deciding between renting and selling, January's market-wide reference points were a $445,000 single-family median and 2.4 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 January 2024?
It was $445,000 for single-family homes, up 4.7% from a year earlier, according to Las Vegas REALTORS, January 2024. The condo and townhome median was $275,000.
How many homes sold in Las Vegas in January 2024?
According to Las Vegas REALTORS, January 2024, 1,479 single-family homes and 476 condos and townhomes closed.
What was the median rent in Las Vegas in January 2024?
The Zillow Observed Rent Index for the metro was $1,689, up 1.7% from a year earlier.
How many months of supply did Las Vegas have in January 2024?
Single-family homes had 2.4 months of supply and condos and townhomes had 2.4, according to Las Vegas REALTORS, January 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, January 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 January 1, 2024 through January 31, 2024.
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