Market Updates · June 2024
Las Vegas Market Update: June 2024
By Matthew Gambill, Broker-Owner
This update covers Las Vegas data for June 2024. Report released .
Fewer homes sold in Las Vegas in June 2024 than in May or a year earlier. Single-family closings were 2,093, down 12.8% from May and down 8.7% from June 2023 (Las Vegas REALTORS, June 2024). Condo and townhome closings were 605, down 12.3% from May and down 6.3% from a year earlier.
Sources: Las Vegas REALTORS, June 2024; Zillow Observed Rent Index.
Key Numbers
Figures for June 2024, compared with May 2024 and June 2023.
| Metric | June 2024 | May 2024 | June 2023 | Change from May | Change from a year earlier |
|---|---|---|---|---|---|
| Single-family median sales price | $475,000 | $473,000 | n/a | up 0.4% | up 7.7% |
| Single-family homes sold | 2,093 | 2,401 | n/a | down 12.8% | down 8.7% |
| Single-family new listings | 2,819 | 3,123 | n/a | down 9.7% | up 7.7% |
| Single-family homes for sale without offers | 4,114 | 3,869 | n/a | up 6.3% | up 11.8% |
| Single-family months of supply | 2.0 | 1.6 | n/a | up 22.0% | up 22.5% |
| Single-family homes sold within 30 days (share) | 71.6% | 70.9% | 65.5% | up 0.7 points | up 6.1 points |
| Condo and townhome median sales price | $295,000 | $295,000 | n/a | no change | up 7.3% |
| Condos and townhomes sold | 605 | 690 | n/a | down 12.3% | down 6.3% |
| Condo and townhome new listings | 828 | 907 | n/a | down 8.7% | up 11.4% |
| Condos and townhomes for sale without offers | 1,367 | 1,324 | n/a | up 3.2% | up 47.0% |
| Condo and townhome months of supply | 2.3 | 1.9 | n/a | up 17.8% | up 57.0% |
| Condos and townhomes sold within 30 days (share) | 61.5% | 64.9% | 65.9% | down 3.4 points | down 4.4 points |
| Zillow Observed Rent Index (asking rent) | $1,710 | $1,705 | $1,668 | up 0.3% | up 2.5% |
Sources: Las Vegas REALTORS, June 2024 (home sales rows); Zillow Observed Rent Index (rent row). June 2023 levels shown as n/a are not available; changes from a year earlier are as printed by Las Vegas REALTORS.
Fewer New Listings Than in May
Sellers listed 2,819 single-family homes, down 9.7% from May and up 7.7% from June 2023 (Las Vegas REALTORS, June 2024). New condo and townhome listings were 828, down 8.7% from May and up 11.4% from a year earlier.
Inventory and Months of Supply
Single-family homes for sale without offers numbered 4,114, up 6.3% from May and up 11.8% from June 2023. Condo and townhome inventory was 1,367, up 3.2% from May and up 47.0% from a year earlier. Single-family months of supply was 2.0, against 1.6 in May, and the condo and townhome figure was 2.3, against 1.9 (Las Vegas REALTORS, June 2024).
June Median Prices
The single-family median sales price was $475,000, up 0.4% from May's $473,000 and up 7.7% from June 2023. The condo and townhome median was $295,000, unchanged from May and up 7.3% from a year earlier (Las Vegas REALTORS, June 2024).
Homes Sold Within 30 Days
Of the single-family homes that closed, 71.6% sold within 30 days, against 70.9% in May and 65.5% in June 2023. The condo and townhome share was 61.5%, down 3.4 points from May's 64.9%; a year earlier it was 65.9%.
Rents in June
The Zillow Observed Rent Index for the Las Vegas metro was $1,710, up 0.3% from May and up 2.5% from June 2023. It covers asking rents across all rental types.
For owners deciding between selling and leasing, June's reference points were a $475,000 single-family median and 2.0 single-family months of supply. Both are market-wide figures, and 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 June 2024?
It was $475,000 for single-family homes, up 7.7% from a year earlier, according to Las Vegas REALTORS, June 2024. The condo and townhome median was $295,000.
How many homes sold in Las Vegas in June 2024?
According to Las Vegas REALTORS, June 2024, 2,093 single-family homes and 605 condos and townhomes closed.
What was the median rent in Las Vegas in June 2024?
The Zillow Observed Rent Index for the metro was $1,710, up 2.5% from a year earlier.
How many months of supply did Las Vegas have in June 2024?
Single-family homes had 2.0 months of supply and condos and townhomes had 2.3, according to Las Vegas REALTORS, June 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, June 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 June 1, 2024 through June 30, 2024.
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