January 2024 Las Vegas Real Estate Market Update

Our monthly report by Las Vegas REALTORS (LVR) shows how our local market did in the first month of 2024. Once again our home prices are continuing to inch upward in part because our inventory is still quite low

🏠 The median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during January was $445,000 -+4.7% from January 2023's median price of $425,000Home prices are still below the all-time median sales price record of $482,000 set in May of 2022. 

The median price of a condominum in Las Vegas is now $275,000 -+7.8% from January 2023, but still down from the all-time record price of $287,000 in August. 

Below is our January 2024 market update vs January 2023 numbers. You can see units available is considerably down -34.8% with only 2.4 months of available inventory compared to 4.1 months of availabile inventory a year ago. Sales are up 11.6% from a year ago.  

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