Market Updates · July 2024
Las Vegas Market Update: July 2024
By Matthew Gambill, Broker-Owner
This update covers Las Vegas data for July 2024. Report released .
Both median prices in Las Vegas rose from June in July 2024 and were above a year earlier. The single-family median was $480,000, up 1.1% from June and up 6.7% from July 2023 (Las Vegas REALTORS, July 2024). The condo and townhome median was $296,000, up 0.3% from June and up 8.2% from a year earlier.
Sources: Las Vegas REALTORS, July 2024; Zillow Observed Rent Index.
Key Numbers
Figures for July 2024, compared with June 2024 and July 2023.
| Metric | July 2024 | June 2024 | July 2023 | Change from June | Change from a year earlier |
|---|---|---|---|---|---|
| Single-family median sales price | $480,000 | $475,000 | n/a | up 1.1% | up 6.7% |
| Single-family homes sold | 2,145 | 2,093 | n/a | up 2.5% | up 5.1% |
| Single-family new listings | 2,962 | 2,819 | n/a | up 5.1% | up 25.8% |
| Single-family homes for sale without offers | 4,634 | 4,114 | n/a | up 12.6% | up 31.5% |
| Single-family months of supply | 2.2 | 2.0 | n/a | up 9.9% | up 25.1% |
| Single-family homes sold within 30 days (share) | 69.9% | 71.6% | 68.7% | down 1.7 points | up 1.2 points |
| Condo and townhome median sales price | $296,000 | $295,000 | n/a | up 0.3% | up 8.2% |
| Condos and townhomes sold | 619 | 605 | n/a | up 2.3% | up 1.5% |
| Condo and townhome new listings | 826 | 828 | n/a | down 0.2% | up 19.4% |
| Condos and townhomes for sale without offers | 1,481 | 1,367 | n/a | up 8.3% | up 70.0% |
| Condo and townhome months of supply | 2.4 | 2.3 | n/a | up 5.9% | up 67.6% |
| Condos and townhomes sold within 30 days (share) | 61.6% | 61.5% | 70.2% | up 0.1 points | down 8.6 points |
| Zillow Observed Rent Index (asking rent) | $1,709 | $1,710 | $1,666 | down 0.1% | up 2.6% |
Sources: Las Vegas REALTORS, July 2024 (home sales rows); Zillow Observed Rent Index (rent row). July 2023 levels shown as n/a are not available; changes from a year earlier are as printed by Las Vegas REALTORS.
More Closings Than in June
Single-family closings were 2,145, up 2.5% from June and up 5.1% from July 2023 (Las Vegas REALTORS, July 2024). Condo and townhome closings were 619, up 2.3% from June and up 1.5% from a year earlier.
Homes for Sale and New Listings
Single-family homes for sale without offers numbered 4,634, up 12.6% from June and up 31.5% from July 2023. Condo and townhome inventory was 1,481, up 8.3% from June and up 70.0% from a year earlier (Las Vegas REALTORS, July 2024). Sellers listed 2,962 single-family homes, up 5.1% from June, and 826 condos and townhomes, down 0.2% from June.
Single-family months of supply was 2.2, compared with 2.0 in June, and the condo and townhome figure was 2.4, compared with 2.3.
Sold Within 30 Days
Of the single-family homes that closed, 69.9% sold within 30 days, down 1.7 points from June's 71.6%; the July 2023 share was 68.7%. The condo and townhome share was 61.6%, against 61.5% in June and 70.2% a year earlier (Las Vegas REALTORS, July 2024).
July Asking Rents
The Zillow Observed Rent Index for the Las Vegas metro was $1,709, down 0.1% from June and up 2.6% from July 2023. It tracks asking rents across all rental types.
If you're comparing a sale with a lease, July's market-wide figures were a $480,000 single-family median and 2.2 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 July 2024?
It was $480,000 for single-family homes, up 6.7% from a year earlier, according to Las Vegas REALTORS, July 2024. The condo and townhome median was $296,000.
How many homes sold in Las Vegas in July 2024?
According to Las Vegas REALTORS, July 2024, 2,145 single-family homes and 619 condos and townhomes closed.
What was the median rent in Las Vegas in July 2024?
The Zillow Observed Rent Index for the metro was $1,709, up 2.6% from a year earlier.
How many months of supply did Las Vegas have in July 2024?
Single-family homes had 2.2 months of supply and condos and townhomes had 2.4, according to Las Vegas REALTORS, July 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, July 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 July 1, 2024 through July 31, 2024.
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