Las Vegas Real Estate Market Update: December 25th – December 31st, 2024

Curious about how the Las Vegas real estate market wrapped up the year? Whether you're planning to buy, sell, or simply stay informed, this weekly update is your go-to guide. From the latest stats to luxury market highlights, here's everything you need to know about the week of December 25th to December 31st, 2024. Let’s dive into the details and uncover what these numbers mean for you.

Key Market Insights This Week

Before getting into the deeper trends, let’s look at the major takeaways from this week:

• 96% of List Price Received – Sellers are accepting offers close to their asking prices.
• 44 Days on Market – Homes are moving slightly slower as the year ends.
• 15 Weeks of Supply – A balanced market, leaning slightly toward buyers.
• 209 New Listings – Fresh inventory for buyers entering the market.
• 4,867 Active Listings – A wide range of options for prospective buyers.
• 323 Homes Sold This Week – A strong number of transactions despite the holiday season.
• 248 Homes Under Contract – Consistent buyer activity, showing confidence in the market.
• $563,489 Average Weekly Sales Price – A steady and accessible price point for many buyers.
• $3,400,000 Highest Sale This Week – Luxury buyers continue to make significant investments.

Home Prices: Are They Rising or Falling?

The average weekly sales price came in at $563,489, reflecting a balanced market that remains accessible to a wide range of buyers. While prices are holding steady, the increase in inventory is giving buyers more options, potentially leading to slower price growth in the coming months.

Luxury homes over $1M averaged $1,550,440, showcasing continued interest in high-end properties.

Days on Market: How Fast Are Homes Selling?

This week, homes spent an average of 44 days on the market, which is slightly longer than earlier in the year but typical for the holiday season. Luxury properties, on the other hand, averaged 58 days, reflecting the more selective buyer pool in this segment.

For sellers, this means pricing your home competitively is critical to attracting buyers quickly.

Inventory Levels: Are There Enough Homes for Buyers?

The market added 209 new listings this week, bringing the total active inventory to 4,867 homes. With 15 weeks of supply, buyers have a good selection to choose from, while the market remains relatively balanced. This slight tilt toward a buyer’s market means negotiations may favor buyers in some situations.

Luxury listings saw 27 new properties this week, contributing to 852 active luxury listings on the market.

Sales Volume: How Many Homes Are Changing Hands?

This week recorded 323 homes sold, a strong performance considering the holiday season. Additionally, 248 homes went under contract, indicating steady buyer confidence even as the year wrapped up.

How This Week Compares to Last Year

Year-Over-Year Market Trends

Here’s how this week stacks up against the same period last year:

• Active Listings: 4,867 vs. 4,213 last year.
• Homes Sold: 323 vs. 308 last year.
• Under Contract: 248 vs. 237 last year.

The year-over-year data indicates a healthier market, with more inventory and consistent buyer activity.

The Role of Interest Rates in the Market

Higher interest rates have influenced buyer behavior, but creative solutions like rate buydowns and adjustable-rate mortgages (ARMs) are keeping deals moving forward.

What This Means for Buyers and Sellers

Advice for Buyers

• Take advantage of the 15 weeks of supply and the wide range of options available.
• Negotiate confidently, especially for homes that have been on the market longer.
• Be prepared with pre-approval and a clear understanding of your budget, as competitive homes still move quickly.

Advice for Sellers

• Price your home realistically to attract buyers.
• Stage your home to stand out in a growing inventory pool.
• Partner with an experienced agent to market your property effectively and close deals faster.

Spotlight on Las Vegas Neighborhoods

Most Popular Areas for Buyers

• Summerlin – Continues to attract families and luxury buyers alike.
• Henderson – Offers a blend of affordability and upscale living.
• Southwest Las Vegas – Modern developments and excellent access to amenities.

Hidden Gems for Great Deals

• North Las Vegas – Growing developments and affordability make it an attractive option.
• Downtown Las Vegas – Revitalized urban neighborhoods are becoming a favorite for younger buyers.

Market Predictions: What Lies Ahead

Home Prices: Stability or Growth?

Analysts predict that prices will remain steady in the coming months, with minor increases in high-demand areas like Summerlin and Henderson.

Inventory Projections for 2025

Inventory levels are expected to rise slightly, offering more options for buyers while keeping the market balanced.

Conclusion

As 2024 wraps up, the Las Vegas real estate market shows resilience and balance, offering opportunities for both buyers and sellers. With steady prices, increasing inventory, and strong luxury market performance, now is a great time to explore your real estate goals.

Ready to make your move? Contact The Brendan King Group today for expert guidance and personalized service!

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FAQs

1. Is it a buyer’s or seller’s market right now?
   It’s a balanced market, leaning slightly toward buyers.
2. Will home prices drop in Las Vegas?
   Prices are stable, with minor fluctuations depending on location and demand.
3. How long do homes take to sell in Las Vegas?
   On average, homes are selling in 44 days, with luxury properties averaging 58 days.
4. Should I buy now or wait for 2025?
   With a balanced market and steady prices, now is a good time to buy if you find the right property.
5. What are the best areas to buy a home in Las Vegas?
   Popular neighborhoods include Summerlin, Henderson, and Southwest Las Vegas, while North Las Vegas and Downtown Las Vegas offer hidden gems for great value.

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ARE YOU LOOKING FOR A HOME OVER $1,000,000 CHECK OUT OUR LUXURY DIVISION WWW.BKGLUXURY.COM

Luxury Market Spotlight: $3.4M Sale of the Week

The luxury market made waves this week with the highest sale hitting $3,400,000. Homes over $1M averaged $1,550,440, showing that the appetite for high-end properties remains strong.

Luxury homes spent an average of 58 days on the market, slightly longer than standard properties, which is typical given the unique appeal and higher price points in this segment.

To receive the Market Updates weekly

Text: Market To: 702-553-1955

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Brendan King S.0171492

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The Brendan King Group

Office: 702-625-3457

Email: info@kingvegashomes.com

Website: https://www.kingvegashomes.com/

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Real Broker, LLC

7997 W. Sahara Ave. #101 Las Vegas, NV 89117

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