Las Vegas Market Report – April 2024

Overview of Las Vegas Real Estate Trends

Average value of properties in Las Vegas have has experienced slight fluctuations over the past year, but these changes indicate a stabilizing environment rather than a volatile one. As of March 2024, the average property value in Las Vegas stands at approximately $432,410, a figure that reflects the city’s attraction as a residential hub for both local and international buyers.

A noticeable trend in the market is the average sale price per square foot, an important metric for potential buyers and investors. Although relatively stable, this has shown a mild downward trajectory from March 2023 to March 2024, closing at about $255 per square foot. In terms of sale prices, alongside the average value, there has been a slight decrease overall, with properties being sold at an average price of around $414,067.

Homes on sale dropped, with 3,578 properties available in March 2024. Simultaneously, the number of homes sold reached a high in September 2023, indicating an active market period before plateauing.

Comparing Las Vegas to nearby areas, a diverse picture emerges. Blue Diamond shows a significantly higher average sale price per square foot, around $408, suggesting a market of perhaps more luxurious properties or a low volume of transactions influencing the average. On the other side of the spectrum, Jean presents much lower average values and sale prices per square foot, indicative of a lower demand or an area with fewer transactions to gauge an accurate average.

Comparative Analysis of Nearby Areas

While Las Vegas presents a high average values, areas like Indian Springs and North Las Vegas offer more affordability with average values clocking in at around $399,888 and $416,000 respectively. Specifically, Indian Springs has an average sale price per square foot of about $199, while North Las Vegas has it at approximately $220, both under Las Vegas’s current metric.

Further afield, Pahrump replicates the slight decrease noted in Las Vegas, with an average value at roughly $349,000 and a corresponding average sale price per square foot resting at nearly $195. Properties here were selling on average for about $302,115, a signal of the area’s consistency and steadiness in market value trends.

As for property availability and sales, North Las Vegas had a reasonable property count of 520 and a solid sale count of 2,258 properties as of March 2024. Whereas in Pahrump, despite a lower property count of 241, there was a significant number of sales amounting to 933, pointing towards an active market with consistent buyer interest. Jean, although displaying much lower average values and a bare property count of 1, reported a sale count of 5, which could indicate rare but targeted buyer interest.

In conclusion, the various cities around Las Vegas demonstrate an array of market conditions, from Blue Diamond’s higher average sale prices to Jean’s lower activity levels. Each area brings unique opportunities and challenges, setting the stage for potential buyers to find a market that aligns with their needs and investors to strategize accordingly. It is evident that the real estate market across Las Vegas and its neighboring cities remains dynamic, driven by a blend of economic factors and consumer preferences.