Market Updates · September 2024
Las Vegas Market Update: September 2024
By Matthew Gambill, Broker-Owner
This update covers Las Vegas data for September 2024. Report released .
Las Vegas prices rose from August in September 2024 while sales fell. The single-family median rose 0.6%, to $479,900, and the condo and townhome median rose 2.6%, to $299,500 (Las Vegas REALTORS, September 2024). Single-family closings fell 16.2%, to 1,791, and condo and townhome closings fell 15.2%, to 486.
Sources: Las Vegas REALTORS, September 2024; Zillow Observed Rent Index.
Key Numbers
Figures for September 2024, compared with August 2024 and September 2023.
| Metric | September 2024 | August 2024 | September 2023 | Change from August | Change from a year earlier |
|---|---|---|---|---|---|
| Single-family median sales price | $479,900 | $476,875 | n/a | up 0.6% | up 6.6% |
| Single-family homes sold | 1,791 | 2,138 | n/a | down 16.2% | down 1.6% |
| Single-family new listings | 2,830 | 3,153 | n/a | down 10.2% | up 15.6% |
| Single-family homes for sale without offers | 5,458 | 5,268 | n/a | up 3.6% | up 34.2% |
| Single-family months of supply | 3.0 | 2.5 | n/a | up 23.7% | up 36.5% |
| Single-family homes sold within 30 days (share) | 61.5% | 66.8% | 68.0% | down 5.3 points | down 6.5 points |
| Condo and townhome median sales price | $299,500 | $292,000 | n/a | up 2.6% | up 10.9% |
| Condos and townhomes sold | 486 | 573 | n/a | down 15.2% | down 12.1% |
| Condo and townhome new listings | 833 | 897 | n/a | down 7.1% | up 16.0% |
| Condos and townhomes for sale without offers | 1,731 | 1,640 | n/a | up 5.5% | up 67.2% |
| Condo and townhome months of supply | 3.6 | 2.9 | n/a | up 24.4% | up 90.3% |
| Condos and townhomes sold within 30 days (share) | 59.9% | 61.1% | 72.0% | down 1.2 points | down 12.1 points |
| Zillow Observed Rent Index (asking rent) | $1,713 | $1,712 | $1,670 | up 0.1% | up 2.5% |
Sources: Las Vegas REALTORS, September 2024 (home sales rows); Zillow Observed Rent Index (rent row). September 2023 levels shown as n/a are not available; changes from a year earlier are as printed by Las Vegas REALTORS.
Months of Supply Rose
Single-family months of supply rose to 3.0 from 2.5 in August, and the condo and townhome figure rose to 3.6 from 2.9 (Las Vegas REALTORS, September 2024). Compared with September 2023, single-family months of supply was up 36.5% and the condo and townhome figure was up 90.3%.
Listings and Inventory
New single-family listings were 2,830, down 10.2% from August and up 15.6% from a year earlier, and new condo and townhome listings were 833, down 7.1% from August. Single-family homes for sale without offers numbered 5,458, up 3.6% from August and up 34.2% from September 2023. Condo and townhome inventory was 1,731, up 5.5% from August and up 67.2% from a year earlier (Las Vegas REALTORS, September 2024).
Compared With September 2023
The single-family median was up 6.6% from a year earlier, and the condo and townhome median was up 10.9%. Single-family closings were down 1.6% and condo and townhome closings were down 12.1%.
Of the single-family homes that closed, 61.5% sold within 30 days, against 68.0% in September 2023. The condo and townhome share was 59.9%, against 72.0% a year earlier (Las Vegas REALTORS, September 2024).
Asking Rents in September
The Zillow Observed Rent Index for the Las Vegas metro was $1,713, up 0.1% from August and up 2.5% from September 2023. It tracks asking rents across all rental types.
Owners weighing a sale against a lease had a $479,900 single-family median and 3.0 single-family months of supply to go on. Those figures cover the whole market, 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 September 2024?
It was $479,900 for single-family homes, up 6.6% from a year earlier, according to Las Vegas REALTORS, September 2024. The condo and townhome median was $299,500.
How many homes sold in Las Vegas in September 2024?
According to Las Vegas REALTORS, September 2024, 1,791 single-family homes and 486 condos and townhomes closed.
What was the median rent in Las Vegas in September 2024?
The Zillow Observed Rent Index for the metro was $1,713, up 2.5% from a year earlier.
How many months of supply did Las Vegas have in September 2024?
Single-family homes had 3.0 months of supply and condos and townhomes had 3.6, according to Las Vegas REALTORS, September 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, September 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 September 1, 2024 through September 30, 2024.
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