Las Vegas Real Estate Market Update: January 2nd – January 8th, 2025

The new year is off to an exciting start for the Las Vegas real estate market! Whether you're considering buying, selling, or just keeping tabs on the market, this weekly update has everything you need to stay informed. From impressive sales to trends shaping the market, here’s a breakdown of the latest stats for the week of January 2nd to January 8th, 2025.

Key Market Insights This Week

Here’s a quick look at the highlights from this week’s market activity:

• 97% of List Price Received – Sellers are securing close to their asking prices.
• 42 Average Days on Market – Homes are selling faster than in previous weeks.
• 18 Weeks of Supply – A slight lean toward a buyer's market with plenty of inventory.
• 588 New Listings – An influx of new inventory provides fresh options for buyers.
• 4,978 Active Listings – A robust selection for prospective homebuyers.
• 278 Weekly Sales – Steady transactions across the city.
• 344 Homes Under Contract – A sign of strong buyer activity heading into 2025.
• $598,373 Average Weekly Sales Price – A stable price point reflecting demand.
• $5,250,000 Highest Sale This Week – The luxury market continues to shine with high-end sales.

Home Prices: Are They Rising or Falling?

The average weekly sales price this week was $598,373, indicating a stable market. While this figure is slightly higher than last month, it remains consistent with trends from the latter half of 2024. The growing inventory could temper price growth in the coming months, giving buyers more flexibility.

In the luxury market, homes over $1M averaged an impressive $1,971,031, showcasing strong demand for premium properties.

Days on Market: How Fast Are Homes Selling?

This week, homes spent an average of 42 days on the market, which is a slight improvement from the previous month. This signals that buyers are acting faster, possibly motivated by new inventory and stabilized interest rates.

Luxury properties, however, spent an average of 76 days on the market, reflecting the unique buyer pool and longer transaction times in the high-end segment.

Inventory Levels: Are There Enough Homes for Buyers?

The market welcomed 588 new listings this week, boosting the total inventory to 4,978 active listings. With 18 weeks of supply, the market leans slightly toward buyers, offering them more options to choose from.

For luxury buyers, there are 863 active listings, including 71 new properties, giving high-end buyers a range of exclusive options.

Sales Volume: How Many Homes Are Changing Hands?

This week saw 278 homes sold, reflecting steady activity even as the holiday season fades. The 344 homes under contract highlight strong buyer confidence and suggest continued momentum in the coming weeks.

How This Week Compares to Last Year

Year-Over-Year Market Trends

Here’s how this week compares to the same period last year:

• Active Listings: 4,978 vs. 4,327 last year.
• Homes Sold: 278 vs. 243 last year.
• Under Contract: 344 vs. 311 last year.

The increase in inventory and sales volume reflects a healthier and more balanced market than the tight conditions seen in early 2024.

The Role of Interest Rates in the Market

Although interest rates remain higher than pandemic lows, buyers continue to adapt with creative financing solutions such as rate buydowns and adjustable-rate mortgages (ARMs).

What This Means for Buyers and Sellers

Advice for Buyers

• Take advantage of the 588 new listings and 18 weeks of supply to find a home that meets your needs.
• Be prepared to act quickly on competitively priced homes, as the average days on market is dropping.
• Consider exploring luxury listings, which offer more time for negotiation due to their longer selling periods.

Advice for Sellers

• Price your home strategically to attract serious buyers.
• Highlight key features of your home in your marketing, as buyers have more inventory to choose from.
• Work with an experienced agent to maximize visibility and secure strong offers.

Spotlight on Las Vegas Neighborhoods

Most Popular Areas for Buyers

• Summerlin – A perennial favorite for families and luxury buyers, with diverse home options.
• Henderson – Known for its high quality of life and variety of price points.
• Southwest Las Vegas – A growing area with modern developments and convenient amenities.

Hidden Gems for Great Deals

• North Las Vegas – Offers affordability and new developments, making it ideal for first-time buyers.
• Downtown Las Vegas – An emerging hotspot for those seeking an urban lifestyle with revitalized communities.

Market Predictions: What Lies Ahead

Home Prices: Stability or Growth?

Analysts predict home prices will remain stable, with minor increases in highly desirable areas like Summerlin and Henderson.

Inventory Projections for 2025

Inventory is expected to grow steadily, which may favor buyers while keeping the market balanced.

Conclusion

The Las Vegas real estate market continues to show resilience and balance as we move into 2025. With strong sales activity, increasing inventory, and a healthy luxury market, there’s something for everyone in the current landscape.

Whether you're buying, selling, or investing, staying informed is the key to making confident decisions. Need help navigating the market? Contact The Brendan King Group today for expert guidance and personalized support!

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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 due to the increased inventory.
2. Will home prices drop in Las Vegas?
   Prices are expected to remain stable, with small fluctuations based on demand and location.
3. How long do homes take to sell in Las Vegas?
   The average home is selling in 42 days, while luxury properties take about 76 days.
4. Should I buy now or wait for later in 2025?
   With a balanced market and growing inventory, now is a good time to buy if you find the right home.
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 and opportunity.

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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: $5.25M Sale of the Week

The top luxury sale this week reached $5,250,000, underscoring the strength of the high-end market in Las Vegas. Homes over $1M averaged a sales price of $1,971,031, demonstrating consistent demand for properties in this segment.

Luxury homes spent an average of 76 days on the market, which is typical for properties in this price range given their exclusivity and niche appeal.

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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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