Market Updates · November 2024
Las Vegas Market Update: November 2024
By Matthew Gambill, Broker-Owner
This update covers Las Vegas data for November 2024. Report released .
More homes sold in Las Vegas in November 2024 than a year earlier. Single-family closings were 1,647, up 14.8% from November 2023, and condo and townhome closings were 476, up 3.7% (Las Vegas REALTORS, November 2024). From October, single-family closings fell 14.1% and condo and townhome closings fell 11.9%.
Sources: Las Vegas REALTORS, November 2024; Zillow Observed Rent Index.
Key Numbers
Figures for November 2024, compared with October 2024 and November 2023.
| Metric | November 2024 | October 2024 | November 2023 | Change from October | Change from a year earlier |
|---|---|---|---|---|---|
| Single-family median sales price | $480,000 | $475,531 | n/a | up 0.9% | up 6.7% |
| Single-family homes sold | 1,647 | 1,918 | n/a | down 14.1% | up 14.8% |
| Single-family new listings | 2,138 | 2,867 | n/a | down 25.4% | up 8.6% |
| Single-family homes for sale without offers | 5,570 | 5,784 | n/a | down 3.7% | up 28.0% |
| Single-family months of supply | 3.4 | 3.0 | n/a | up 12.1% | up 11.5% |
| Single-family homes sold within 30 days (share) | 57.9% | 58.9% | 65.5% | down 1.0 point | down 7.6 points |
| Condo and townhome median sales price | $301,250 | $315,000 | n/a | down 4.4% | up 9.5% |
| Condos and townhomes sold | 476 | 540 | n/a | down 11.9% | up 3.7% |
| Condo and townhome new listings | 729 | 830 | n/a | down 12.2% | up 15.0% |
| Condos and townhomes for sale without offers | 1,856 | 1,799 | n/a | up 3.2% | up 47.2% |
| Condo and townhome months of supply | 3.9 | 3.3 | n/a | up 17.0% | up 41.9% |
| Condos and townhomes sold within 30 days (share) | 52.9% | 59.4% | 67.1% | down 6.5 points | down 14.2 points |
| Zillow Observed Rent Index (asking rent) | $1,714 | $1,714 | $1,680 | no change | up 2.1% |
Sources: Las Vegas REALTORS, November 2024 (home sales rows); Zillow Observed Rent Index (rent row). November 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 October
Sellers listed 2,138 single-family homes, down 25.4% from October and up 8.6% from November 2023 (Las Vegas REALTORS, November 2024). New condo and townhome listings were 729, down 12.2% from October and up 15.0% from a year earlier.
Inventory and Months of Supply
Single-family homes for sale without offers numbered 5,570, down 3.7% from October and up 28.0% from a year earlier. Condo and townhome inventory was 1,856, up 3.2% from October and up 47.2% from November 2023 (Las Vegas REALTORS, November 2024). Single-family months of supply rose to 3.4 from 3.0, and the condo and townhome figure rose to 3.9 from 3.3.
Median Prices in November
The single-family median sales price was $480,000, up 0.9% from October's $475,531 and up 6.7% from November 2023. The condo and townhome median was $301,250, down 4.4% from October's $315,000 and up 9.5% from a year earlier (Las Vegas REALTORS, November 2024).
The 30-Day Share Fell
Of the single-family homes that closed, 57.9% sold within 30 days, down 1.0 point from October's 58.9%; a year earlier the share was 65.5%. The condo and townhome share was 52.9%, down 6.5 points from October's 59.4%, against 67.1% in November 2023.
Asking Rents in November
The Zillow Observed Rent Index for the Las Vegas metro was $1,714, unchanged from October and up 2.1% from November 2023. It measures asking rents across all rental types.
For owners comparing a sale with a lease, November offered a $480,000 single-family median and 3.4 single-family months of supply. These are market-wide figures, so a single home can lease or sell for more or less.
How TPMF Works With Owners
The Property Management Firm 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 handle the day-to-day work, and we check with you before larger repairs and before renewal terms are set. All of our marketing photos are taken by professional photographers we hire. 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 November 2024?
It was $480,000 for single-family homes, up 6.7% from a year earlier, according to Las Vegas REALTORS, November 2024. The condo and townhome median was $301,250.
How many homes sold in Las Vegas in November 2024?
According to Las Vegas REALTORS, November 2024, 1,647 single-family homes and 476 condos and townhomes closed.
What was the median rent in Las Vegas in November 2024?
The Zillow Observed Rent Index for the metro was $1,714, up 2.1% from a year earlier.
How many months of supply did Las Vegas have in November 2024?
Single-family homes had 3.4 months of supply and condos and townhomes had 3.9, according to Las Vegas REALTORS, November 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, November 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 November 1, 2024 through November 30, 2024.
Talk Through Your Home
We reply within one business day.