Market Updates · March 2024
Las Vegas Market Update: March 2024
By Matthew Gambill, Broker-Owner
This update covers Las Vegas data for March 2024. Report released .
More homes sold in Las Vegas in March 2024 than in February, but fewer than a year earlier. Single-family closings were 2,082, up 9.8% from February and down 11.8% from March 2023 (Las Vegas REALTORS, March 2024). Condo and townhome closings were 590, up 11.3% from February and down 1.8% from a year earlier.
Sources: Las Vegas REALTORS, March 2024; Zillow Observed Rent Index.
Key Numbers
Figures for March 2024, compared with February 2024 and March 2023.
| Metric | March 2024 | February 2024 | March 2023 | Change from February | Change from a year earlier |
|---|---|---|---|---|---|
| Single-family median sales price | $465,000 | $460,000 | n/a | up 1.1% | up 9.4% |
| Single-family homes sold | 2,082 | 1,896 | n/a | up 9.8% | down 11.8% |
| Single-family new listings | 2,724 | 2,533 | n/a | up 7.5% | up 6.2% |
| Single-family homes for sale without offers | 3,323 | 3,471 | n/a | down 4.3% | down 20.8% |
| Single-family months of supply | 1.6 | 1.8 | n/a | down 12.8% | down 10.2% |
| Single-family homes sold within 30 days (share) | 62.5% | 56.1% | 49.6% | up 6.4 points | up 12.9 points |
| Condo and townhome median sales price | $282,500 | $283,000 | n/a | down 0.2% | up 8.7% |
| Condos and townhomes sold | 590 | 530 | n/a | up 11.3% | down 1.8% |
| Condo and townhome new listings | 864 | 738 | n/a | up 17.1% | up 17.9% |
| Condos and townhomes for sale without offers | 1,179 | 1,160 | n/a | up 1.6% | up 6.9% |
| Condo and townhome months of supply | 2.0 | 2.2 | n/a | down 8.7% | up 8.9% |
| Condos and townhomes sold within 30 days (share) | 56.3% | 56.0% | 54.6% | up 0.3 points | up 1.7 points |
| Zillow Observed Rent Index (asking rent) | $1,690 | $1,689 | $1,675 | up 0.1% | up 0.9% |
Sources: Las Vegas REALTORS, March 2024 (home sales rows); Zillow Observed Rent Index (rent row). March 2023 levels shown as n/a are not available; changes from a year earlier are as printed by Las Vegas REALTORS. The condo and townhome 30-day share is 56.3%, as originally printed. Las Vegas REALTORS later revised this figure to 56.0%.
New Listings Rose From February
Sellers listed 2,724 single-family homes, up 7.5% from February and up 6.2% from March 2023 (Las Vegas REALTORS, March 2024). New condo and townhome listings were 864, up 17.1% from February and up 17.9% from a year earlier.
Inventory and Months of Supply
Single-family homes for sale without offers numbered 3,323, down 4.3% from February and down 20.8% from March 2023. Condo and townhome inventory was 1,179, up 1.6% from February and up 6.9% from a year earlier (Las Vegas REALTORS, March 2024). Single-family months of supply was 1.6, against 1.8 in February, and the condo and townhome figure was 2.0, against 2.2.
March Median Prices
The single-family median sales price was $465,000, up 1.1% from February's $460,000 and up 9.4% from March 2023. The condo and townhome median was $282,500, down 0.2% from February's $283,000 and up 8.7% from a year earlier (Las Vegas REALTORS, March 2024).
Sold Within 30 Days
Of the single-family homes that closed, 62.5% sold within 30 days, up 6.4 points from February's 56.1%; the March 2023 share was 49.6%. The condo and townhome share was 56.3%, against 56.0% in February and 54.6% a year earlier.
Asking Rents in March
The Zillow Observed Rent Index for the Las Vegas metro was $1,690, up 0.1% from February and up 0.9% from March 2023. It tracks asking rents across all rental types.
Owners comparing a sale with a lease had a $465,000 single-family median and 1.6 single-family months of supply to go on in March. 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 March 2024?
It was $465,000 for single-family homes, up 9.4% from a year earlier, according to Las Vegas REALTORS, March 2024. The condo and townhome median was $282,500.
How many homes sold in Las Vegas in March 2024?
According to Las Vegas REALTORS, March 2024, 2,082 single-family homes and 590 condos and townhomes closed.
What was the median rent in Las Vegas in March 2024?
The Zillow Observed Rent Index for the metro was $1,690, up 0.9% from a year earlier.
How many months of supply did Las Vegas have in March 2024?
Single-family homes had 1.6 months of supply and condos and townhomes had 2.0, according to Las Vegas REALTORS, March 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, March 2024: home prices, sales, listings, inventory and months of supply
Zillow Observed Rent Index (ZORI), Las Vegas metro, smoothed and seasonally adjusted: asking rents
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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 March 1, 2024 through March 31, 2024.
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