Market Updates · May 2024
Las Vegas Market Update: May 2024
By Matthew Gambill, Broker-Owner
This update covers Las Vegas data for May 2024. Report released .
Condo and townhome closings in Las Vegas rose faster than single-family closings from April to May 2024. Condo and townhome closings were 690, up 11.1% from April, and single-family closings were 2,401, up 2.7% (Las Vegas REALTORS, May 2024). Compared with May 2023, condo and townhome closings were up 0.9% and single-family closings up 3.7%.
Sources: Las Vegas REALTORS, May 2024; Zillow Observed Rent Index.
Key Numbers
Figures for May 2024, compared with April 2024 and May 2023.
| Metric | May 2024 | April 2024 | May 2023 | Change from April | Change from a year earlier |
|---|---|---|---|---|---|
| Single-family median sales price | $473,000 | $469,000 | n/a | up 0.9% | up 7.0% |
| Single-family homes sold | 2,401 | 2,339 | n/a | up 2.7% | up 3.7% |
| Single-family new listings | 3,123 | 2,874 | n/a | up 8.7% | up 19.9% |
| Single-family homes for sale without offers | 3,869 | 3,476 | n/a | up 11.3% | up 6.1% |
| Single-family months of supply | 1.6 | 1.5 | n/a | up 8.4% | up 2.4% |
| Single-family homes sold within 30 days (share) | 70.9% | 68.5% | 60.6% | up 2.4 points | up 10.3 points |
| Condo and townhome median sales price | $295,000 | $290,000 | n/a | up 1.7% | up 7.3% |
| Condos and townhomes sold | 690 | 621 | n/a | up 11.1% | up 0.9% |
| Condo and townhome new listings | 907 | 866 | n/a | up 4.7% | up 25.1% |
| Condos and townhomes for sale without offers | 1,324 | 1,248 | n/a | up 6.1% | up 43.1% |
| Condo and townhome months of supply | 1.9 | 2.0 | n/a | down 4.5% | up 41.9% |
| Condos and townhomes sold within 30 days (share) | 64.9% | 66.2% | 62.1% | down 1.3 points | up 2.8 points |
| Zillow Observed Rent Index (asking rent) | $1,705 | $1,697 | $1,675 | up 0.5% | up 1.8% |
Sources: Las Vegas REALTORS, May 2024 (home sales rows); Zillow Observed Rent Index (rent row). May 2023 levels shown as n/a are not available; changes from a year earlier are as printed by Las Vegas REALTORS.
Medians Rose From April
The single-family median sales price was $473,000, up 0.9% from April's $469,000 and up 7.0% from May 2023. The condo and townhome median was $295,000, up 1.7% from April's $290,000 and up 7.3% from a year earlier (Las Vegas REALTORS, May 2024).
More New Listings
Sellers listed 3,123 single-family homes, up 8.7% from April and up 19.9% from May 2023. New condo and townhome listings were 907, up 4.7% from April and up 25.1% from a year earlier (Las Vegas REALTORS, May 2024).
Homes for Sale Without Offers
Single-family inventory was 3,869, up 11.3% from April and up 6.1% from May 2023, and condo and townhome inventory was 1,324, up 6.1% from April. Single-family months of supply was 1.6, against 1.5 in April; the condo and townhome figure was 1.9, against 2.0 (Las Vegas REALTORS, May 2024).
The 30-Day Share
Of the single-family homes that closed, 70.9% sold within 30 days, up 2.4 points from April; in May 2023 the share was 60.6%. The condo and townhome share was 64.9%, down 1.3 points from April, against 62.1% a year earlier.
Asking Rents in May
The Zillow Observed Rent Index for the Las Vegas metro was $1,705, up 0.5% from April and up 1.8% from May 2023. It measures asking rents across all rental types.
May's market-wide figures for owners comparing a sale with a lease were a $473,000 single-family median and 1.6 single-family months of supply. A single home can lease or sell for more or less.
How We Work With Owners
TPMF 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 care of the day-to-day work, and we check with you before larger repairs and before renewal terms are set. We hire professional photographers for 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 May 2024?
It was $473,000 for single-family homes, up 7.0% from a year earlier, according to Las Vegas REALTORS, May 2024. The condo and townhome median was $295,000.
How many homes sold in Las Vegas in May 2024?
According to Las Vegas REALTORS, May 2024, 2,401 single-family homes and 690 condos and townhomes closed.
What was the median rent in Las Vegas in May 2024?
The Zillow Observed Rent Index for the metro was $1,705, up 1.8% from a year earlier.
How many months of supply did Las Vegas have in May 2024?
Single-family homes had 1.6 months of supply and condos and townhomes had 1.9, according to Las Vegas REALTORS, May 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, May 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 May 1, 2024 through May 31, 2024.
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