The Las Vegas real estate market in 2024 proved resilient, with positive growth and encouraging signs of stability. Whether you’re a buyer, seller, or investor, understanding the latest trends can help you make informed decisions. Here’s a look back at the year and what it means for you in 2025.
Market Highlights: Home Sales and Pricing Trends
In 2024, the median price of single-family homes in Las Vegas reached $475,000 in December, reflecting a 5.6% increase compared to December 2023. While still below the all-time high of $482,000 in May 2022, this upward trend signals steady appreciation.
For condos and townhomes, the median price climbed to $290,000, a 7.4% increase from the previous year. These gains, paired with strong demand, solidify Las Vegas as a vibrant and growing housing market.
Inventory Expansion: A Balanced Market for Buyers
By the end of 2024, inventory levels increased, giving buyers more choices:
- 4,965 single-family homes listed without offers (+31.8% YoY)
- 1,763 condos and townhomes available without offers (+55.6% YoY)
This growth in inventory contributed to a more balanced market, allowing buyers and sellers to negotiate on a level playing field.
Economic Influences and Forecasts for 2025
Population growth and a robust local job market continue to fuel demand for housing in Las Vegas. However, rising mortgage rates, averaging 6.7% for a 30-year fixed loan, have tempered affordability for some buyers.
Looking ahead, experts predict moderate price adjustments and increased market stability in 2025, making it an excellent time to evaluate your real estate goals.
What This Means for You
The Las Vegas real estate market offers opportunities for everyone, from first-time buyers to seasoned investors. Whether you’re exploring luxury properties in Queensridge or selling your current home, staying informed is key.
Your Real Estate Journey Starts Here
Queensridge Realty specializes in luxury homes, personalized service, and in-depth market expertise. Contact our team today to discover how we can help you achieve your real estate goals in 2025.
