Market Updates · October 2024
Las Vegas Market Update: October 2024
By Matthew Gambill, Broker-Owner
This update covers Las Vegas data for October 2024. Report released .
More new listings came on the Las Vegas market in October 2024 than a year earlier. Sellers listed 2,867 single-family homes, up 22.9% from October 2023, and 830 condos and townhomes, up 9.9% (Las Vegas REALTORS, October 2024). Single-family closings were 1,918, up 7.1% from September.
Sources: Las Vegas REALTORS, October 2024; Zillow Observed Rent Index.
Key Numbers
Figures for October 2024, compared with September 2024 and October 2023.
| Metric | October 2024 | September 2024 | October 2023 | Change from September | Change from a year earlier |
|---|---|---|---|---|---|
| Single-family median sales price | $475,531 | $479,900 | n/a | down 0.9% | up 5.9% |
| Single-family homes sold | 1,918 | 1,791 | n/a | up 7.1% | up 12.9% |
| Single-family new listings | 2,867 | 2,830 | n/a | up 1.3% | up 22.9% |
| Single-family homes for sale without offers | 5,784 | 5,458 | n/a | up 6.0% | up 37.3% |
| Single-family months of supply | 3.0 | 3.0 | n/a | down 1.0% | up 21.6% |
| Single-family homes sold within 30 days (share) | 58.9% | 61.5% | 67.2% | down 2.6 points | down 8.3 points |
| Condo and townhome median sales price | $315,000 | $299,500 | n/a | up 5.2% | up 14.3% |
| Condos and townhomes sold | 540 | 486 | n/a | up 11.1% | up 13.9% |
| Condo and townhome new listings | 830 | 833 | n/a | down 0.4% | up 9.9% |
| Condos and townhomes for sale without offers | 1,799 | 1,731 | n/a | up 3.9% | up 50.5% |
| Condo and townhome months of supply | 3.3 | 3.6 | n/a | down 6.5% | up 32.1% |
| Condos and townhomes sold within 30 days (share) | 59.4% | 59.9% | 66.2% | down 0.5 points | down 6.8 points |
| Zillow Observed Rent Index (asking rent) | $1,714 | $1,713 | $1,674 | up 0.1% | up 2.4% |
Sources: Las Vegas REALTORS, October 2024 (home sales rows); Zillow Observed Rent Index (rent row). October 2023 levels shown as n/a are not available; changes from a year earlier are as printed by Las Vegas REALTORS.
Closings Rose From September
Single-family closings were up 7.1% from September and up 12.9% from October 2023. Condo and townhome closings rose 11.1%, to 540, and were up 13.9% from a year earlier (Las Vegas REALTORS, October 2024).
Medians in October
The single-family median sales price was $475,531, down 0.9% from September's $479,900 and up 5.9% from October 2023. The condo and townhome median was $315,000, up 5.2% from September's $299,500 and up 14.3% from a year earlier (Las Vegas REALTORS, October 2024).
More Homes for Sale Than in September
Single-family homes for sale without offers numbered 5,784, up 6.0% from September and up 37.3% from a year earlier. Condo and townhome inventory was 1,799, up 3.9% from September and up 50.5% from October 2023. Single-family months of supply was 3.0, down 1.0% from September, and the condo and townhome figure was 3.3, down 6.5% from September (Las Vegas REALTORS, October 2024).
Share Sold Within 30 Days
Of the single-family homes that closed, 58.9% sold within 30 days, down 2.6 points from September's 61.5%; the October 2023 share was 67.2%. The condo and townhome share was 59.4%, down 0.5 points from September.
October Rents
The Zillow Observed Rent Index for the Las Vegas metro was $1,714, up 0.1% from September and up 2.4% from October 2023, across all rental types.
If you're weighing renting against selling, October's market-wide reference points were a $475,531 single-family median and 3.0 single-family months of supply. A single home can lease or sell for more or less.
Working With Our Team
We're The Property Management Firm, a broker-owned, Nevada-licensed brokerage. We primarily manage long-term residential rentals in Las Vegas, North Las Vegas and Henderson. Our team screens residents and handles 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 October 2024?
It was $475,531 for single-family homes, up 5.9% from a year earlier, according to Las Vegas REALTORS, October 2024. The condo and townhome median was $315,000.
How many homes sold in Las Vegas in October 2024?
According to Las Vegas REALTORS, October 2024, 1,918 single-family homes and 540 condos and townhomes closed.
What was the median rent in Las Vegas in October 2024?
The Zillow Observed Rent Index for the metro was $1,714, up 2.4% from a year earlier.
How many months of supply did Las Vegas have in October 2024?
Single-family homes had 3.0 months of supply and condos and townhomes had 3.3, according to Las Vegas REALTORS, October 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, October 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 October 1, 2024 through October 31, 2024.
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