Las Vegas Real Estate Update: November 2023 Market Trends

12/09/2023

The Las Vegas real estate market has always been a fascinating barometer for national economic trends, and the November 2023 market report reveals a mix of steadiness and shifts that investors, buyers, and sellers should note. In this comprehensive update, we delve into the numbers that paint the picture of the current landscape.

Las Vegas Valley: A Consistent Performer

Single-family homes in the Las Vegas Valley have shown a reassuring consistency. The median sales price sits at $453,390, marking a modest 4% year-over-year growth. Although the number of properties sold has seen a slight 6% dip from the previous year, the average price per square foot has risen by 5% to $259. Moreover, homes are moving relatively quickly, with the average days on the market decreasing by 23% to just 33 days.

Luxury Homes: Resilient in Demand

The luxury segment, particularly homes priced over $1 million, remains robust. The median sales price in this category has climbed to $1,417,576, a 5% increase from last year. The volume of sales has surged by 37%, and despite a 22% increase in the average days on the market, luxury homes are selling at an average of 60 days, indicating strong market health.

Henderson: The Suburban Appeal

Henderson’s market shows a nuanced picture. The median sales price for single-family homes is $494,500, experiencing a 6% year-over-year decrease. However, the average price per square foot has seen a slight uptick of 1%, suggesting a continued demand for quality. The market pace has quickened, with homes selling 14% faster than the previous year, averaging 36 days on the market.

High Rise Living: A Mixed Bag

For those drawn to the high-rise lifestyle, the median sales price has seen a 1% year-over-year increase to $384,950. Sales have increased by 11%, but there’s been a 9% decrease in the average price per square foot, now at $449. High-rise properties are also selling faster, with a significant 38% decrease in average days on the market, down to 42 days.

Key Takeaways and Looking Forward

The Las Vegas real estate market in November 2023 reflects a balanced environment. While the luxury market thrives, the more accessible segments are adjusting to the economic currents. New construction is carving out significant market share with attractive deals, responding to the influx of residents moving to Vegas.

Interest rates have seen a slight drop, providing some respite and sparking a flurry of rate locks. As we gear towards December, the market appears primed for the ‘Ho Ho Home Buyers’ season.

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