Las Vegas Real Estate Market Update: January 15th – January 22nd, 2025

The Las Vegas real estate market continues to showcase resilience and opportunities for buyers and sellers alike. Whether you're exploring options to buy, sell, or invest, staying informed is key. This weekly update offers a comprehensive look at the numbers, trends, and insights for the week of January 15th – January 22nd, 2025. Let’s dive in and uncover what these stats mean for you.

Key Market Insights This Week

Before we dive into the details, here’s a quick snapshot of this week’s market highlights:

• 96% of List Price Received – Sellers are negotiating but still receiving close to their asking prices.
• 49 Average Days on Market – Homes are taking a bit longer to sell compared to earlier weeks.
• 16 Weeks of Supply – A balanced market, with room for both buyers and sellers to navigate.
• 525 New Listings – A steady flow of new inventory entering the market.
• 5,106 Active Listings – Buyers have plenty of options to choose from.
• 310 Homes Sold This Week – A solid number of transactions, reflecting steady demand.
• 458 Homes Under Contract – Strong buyer activity continues into the new year.
• $667,957 Average Weekly Sales Price – A strong price point reflecting a mix of luxury and mid-market activity.
• $13,500,000 Highest Sale This Week – Luxury market activity reaches new heights with this impressive sale.

Home Prices: Are They Rising or Falling?

This week, the average sales price reached $667,957, indicating stability in the market. While prices have increased slightly compared to the same time last year, the availability of inventory is helping temper rapid price growth. Homes that are competitively priced continue to sell quickly.

In the luxury segment, homes over $1M averaged $2,563,786, reflecting strong demand for premium properties.

Days on Market: How Fast Are Homes Selling?

Homes spent an average of 49 days on the market this week, a slight increase from the previous week. For buyers, this means more time to make informed decisions. For sellers, it underscores the importance of competitive pricing and standout marketing.

In the luxury market, properties stayed on the market for an average of 64 days, consistent with the pace of sales in this exclusive segment.

Inventory Levels: Are There Enough Homes for Buyers?

With 525 new listings hitting the market, the total active inventory grew to 5,106 homes. The 16 weeks of supply highlights a balanced market, giving buyers a variety of options while maintaining fair opportunities for sellers.

For the luxury market, there are currently 892 active listings, including 81 newly listed homes, offering high-end buyers plenty of choices.

Sales Volume: How Many Homes Are Changing Hands?

This week saw 310 homes sold, a solid number that reflects consistent demand. Additionally, 458 homes went under contract, signaling a strong pipeline of upcoming sales activity.

In the luxury market, 23 properties sold, with 45 homes under contract, showcasing the ongoing strength of this high-end segment.

How This Week Compares to Last Year

Year-Over-Year Market Trends

Here’s how this week compares to the same period in 2024:

• Active Listings: 5,106 vs. 4,213 last year.
• Homes Sold: 310 vs. 287 last year.
• Under Contract: 458 vs. 430 last year.

The year-over-year increase in inventory and sales activity reflects a healthier and more balanced market compared to the tight conditions seen in early 2024.

The Role of Interest Rates in the Market

Interest rates remain a factor in buyer behavior, but creative financing options like rate buydowns and adjustable-rate mortgages (ARMs) are helping maintain steady activity.

What This Means for Buyers and Sellers

Advice for Buyers

• Explore new inventory: With 525 new listings, now is a great time to find your dream home.
• Negotiate confidently: A balanced market offers buyers opportunities to negotiate fair deals.
• Act quickly on hot properties: Despite the balanced market, competitively priced homes are still moving fast.

Advice for Sellers

• Price competitively: Homes that are priced right continue to attract serious buyers quickly.
• Leverage expert marketing: With over 5,000 active listings, make sure your home stands out.
• Prepare your home: Staging and presentation matter, especially with increased inventory.

Spotlight on Las Vegas Neighborhoods

Most Popular Areas for Buyers

• Summerlin: A consistent favorite for families and luxury buyers, offering great amenities and lifestyle options.
• Henderson: Known for its mix of upscale and affordable homes, making it a top choice for many buyers.
• Southwest Las Vegas: A growing area with modern developments and excellent access to amenities.

Hidden Gems for Great Deals

• North Las Vegas: Affordable housing options with growing developments and infrastructure.
• Downtown Las Vegas: Revitalized urban living with charm and accessibility.

Market Predictions: What Lies Ahead

Home Prices: Stability or Growth?

Analysts expect home prices to remain stable in the short term, with minor increases in high-demand neighborhoods like Summerlin and Henderson.

Inventory Projections for 2025

Inventory is likely to grow gradually, providing more opportunities for buyers while keeping the market balanced.

Conclusion

The Las Vegas real estate market continues to deliver balanced opportunities for buyers and sellers. With steady sales, increasing inventory, and strong luxury market performance, now is a great time to explore your options. Whether you’re looking for a family home, an investment property, or a luxury estate, the current market offers something for everyone.

Need expert guidance? Contact The Brendan King Group today to navigate the market with confidence and achieve your real estate goals!

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FAQs

1. Is it a buyer’s or seller’s market right now?
   It’s a balanced market, giving equal opportunities to buyers and sellers.
2. Will home prices drop in Las Vegas?
   Prices are expected to remain stable, with minor increases in popular areas.
3. How long do homes take to sell in Las Vegas?
   The average home is selling in 49 days, while luxury properties take about 64 days.
4. Should I buy now or wait?
   With growing inventory and steady prices, now is a great time to buy if you find the right property.
5. What are the best areas to buy a home in Las Vegas?
   Top neighborhoods include Summerlin, Henderson, and Southwest Las Vegas, while North Las Vegas and Downtown Las Vegas offer excellent 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: $13.5M Sale of the Week

The top sale this week was an impressive $13,500,000 luxury property, highlighting the continued demand for high-end real estate in Las Vegas. Homes over $1M averaged $2,563,786, with the market showing robust activity.

Luxury homes spent an average of 64 days on the market, reflecting the exclusivity and niche nature of this market.

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. Las Vegas, NV 89117

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Summerlin Home Search https://bit.ly/3dr5Ian

New Home Site: https://www.showingnew.com/kingvegashomes

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